1099-R. Insurance product matured - 1099-R received. Rolled 100% into new product. TT says not taxable but it still seems to include as taxable income. Any guidance?

[GS-Oregon]

TT, through a couple of questions, indicates this is not taxable, however it is still impacting my taxes owed calc.  Only if I set box 2A = 0 does it fix the issue.  Maybe I'm doing something wrong?

[LindaS5247]

Please clarify what you are seeing that suggest TurboTax is saying it's not taxable but then includes it in taxable income.  I'm not sure what type of product this was, but normally life insurance is not taxable.  There is an amount in Box 2A?  What about Box 3?

You should be entering your Form 1099-R into TurboTax exactly how you got it.  If you believe the Form 1099-R was issued in error, you should contact the issuer of the Form 1099-R.

The instructions for Form 1099-R state for Box 2A; Generally, you must enter the taxable amount in box 2a.

Here is how you preview your return in TurboTax (you can compare your taxable income, including the Form1099-R and then without to verify that it was actually added to your income:

For TurboTax Online:

You can view your entire return or just your 1040 form before you e-file:

1. Sign in to your TurboTax account.
2. Open or continue your return.
3. Select Tax Tools from the menu (if you don't see this, select the menu icon in the upper-left corner).
4. With the Tax Tools menu open, you can then:
   • Preview your entire return: Select Print Center and then Print, save or preview this year's return (you may be asked to register or pay first).
   • View only your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu.

For TurboTax Desktop:

You can preview your return in the TurboTax Desktop software by following these steps:

1. With your return open in TurboTax, select Preview from the File menu at the top. (If you don't see "Preview," open your return, not just the program).
2. In the pop-up window, choose the set of forms you wish to see (all official forms, specific forms, etc.) and select Preview.
3. Scroll down to view all the forms if you chose to preview multiple forms.

Click here for Is Your Life Insurance Taxable?

Click here for Instructions to Form 1099-R.

[dmertz]

On the Form 1099-R provided by the payer:

What is the code in box 7 of the Form 1099-R?

Is the IRA/SEP/SIMPLE box marked?

Is a nonzero amount shown in box 2a?