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How to clear error code on 1099-R????
Receiving error code when entering 1099-R. Gross distribution (Block 1) is zero and Taxable Amount (Block 2a) is greater than zero, because this is a policy gain for a life insurance policy that had a loan against it in the past. Verified with State Farm that the 1099-R is CORRECT, but Turbo Tax keeps giving me an error stating that Box 2a cannot be greater than Box 1. How do I correct this so I can efile my return?????? I've used Turbo Tax for over 20 years and this is the first time I can't find an answer.
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Retirement tax questions
A Form 1099-R cannot have have a taxable amount that is more than the amount distributed. Anything that is taxable in box 2a must be included in box 1. The amount in box 2a represents the portion of the amount in box 1 that is taxable.
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Retirement tax questions
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