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1099-r shows gross distribution but is my contribution not earnings. how do I enter that into turbotax so this is not taxable income
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June 5, 2019
10:30 PM
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June 05, 2019
10:30 PM
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1099-r shows gross distribution but is my contribution not earnings. how do I enter that into turbotax so this is not taxable income
What is the code in Box 7 on your 1099?
June 5, 2019
10:30 PM
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1099-r shows gross distribution but is my contribution not earnings. how do I enter that into turbotax so this is not taxable income
And the distribution came from where ? 401K ? IRA ? ROTH ?
June 5, 2019
10:30 PM
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1099-r shows gross distribution but is my contribution not earnings. how do I enter that into turbotax so this is not taxable income
A 1099-R reports a distribution (taking money out) and is not a contribution, which would be putting new money in.
Enter a 1099-R here:
Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.
Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.
Enter a 1099-R here:
Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.
Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
June 5, 2019
10:30 PM
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1099-r shows gross distribution but is my contribution not earnings. how do I enter that into turbotax so this is not taxable income
Code was J .. this was on a ROTH IRA and the monies were from my contribution not earnings. I made sure to validate the distribution amount was below my contributions
June 5, 2019
10:30 PM
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1099-r shows gross distribution but is my contribution not earnings. how do I enter that into turbotax so this is not taxable income
Enter the 1099-R then continue thru all the follow up screens in that section one by one ( don't stop or give up ) until you see this one where you can enter the contributions you made (then continue until you finish that section ... there are more screens after that and you must complete them all ) ... remember to leave box 2a BLANK ... do NOT enter a zero... and box 2b should be checked for not determined.
June 5, 2019
10:30 PM
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1099-r shows gross distribution but is my contribution not earnings. how do I enter that into turbotax so this is not taxable income
Be sure to click the Continue button on the Your 1099-R Entries page and when TurboTax asks, enter your basis in Roth IRA contributions made for years before 2016.
June 5, 2019
10:30 PM
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