
Anonymous
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Retirement tax questions
Here's the problem. In previous years, IRA totals and pension totals were on different 1040 lines. This year they are on the same 1040 line. However, the values put on these lines by TurboTax are being pulled from a worksheet that still separates pensions from IRA's. If, for examples, pensions are fully taxable, the total distribution for pensions show as zero. If there are IRA's that are not fully taxable, a value appears on the total distribution for pensions. When pensions and IRA's are added together to transfer to 1040, you get a nonsense figure on the total distribution line. The IRS instructions seem clear to me. In the case of multiple pensions/IRA's, all distributions should be added together.
‎June 7, 2019
5:14 PM