tiger72pu
Returning Member

When Box 2b on Form 1099R ("Taxable amount not determined") is marked by "X", how does the taxpayer make adjustment on NJ Form 1040 (Line 20B) so cost basis is not taxed?

IRA Custodian does not know taxpayer's cost basis from prior year's rollover so he cannot determine taxable portion of RMD. But from IRA Information Worksheet from prior year's Form 1040 (prepared by TurboTax), tax basis info is known to taxpayer. Can this revised value somehow be entered into TurboTax software to override Form 1099R's data feed (which is showing (incorrectly) that 100% of withdrawal is fully taxable)? If so, what steps must be followed? Will this change be programmed into next TurboTax revision of NJ 1040 form?