I have the premier turbotax download.
I received a 1099-R from Prudential. They have the gross compensation and the taxable amount the same. They did NOT check the taxable amount not determined. I looked at Prudential website, and they say that they report the full earnings on 1099-R, and do not keep track of cost basis for non-qualified accounts. They say we are supposed to adjust it on our tax return.
Wouldn't that get the IRS attention? How can I adjust it on turbotax? I do not see a question and answer section that asks about cost basis?
I should not be paying taxes on most of my annuity income, so how do I fix this?
Thank you!
