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hmg120551
New Member

Confused about my IRA 1099-R, I thought I'd have to pay taxes on money I withdrew but when I entered the forms it says I don't have to pay taxes

 
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5 Replies
KenH1
New Member

Confused about my IRA 1099-R, I thought I'd have to pay taxes on money I withdrew but when I entered the forms it says I don't have to pay taxes

what is the code in box 7 or your 1099-R?  Also, is there a number in box 2a?
hmg120551
New Member

Confused about my IRA 1099-R, I thought I'd have to pay taxes on money I withdrew but when I entered the forms it says I don't have to pay taxes

Code in box 7 is 7 and there is a number in box 2a
KenH1
New Member

Confused about my IRA 1099-R, I thought I'd have to pay taxes on money I withdrew but when I entered the forms it says I don't have to pay taxes

OK, so not an early distribution, and it was not a Roth.  Is it possible that, when added to other income, your taxable income after deductions was zero?  You can check this at My Account (top menu), then Tools, then View Tax Summary
hmg120551
New Member

Confused about my IRA 1099-R, I thought I'd have to pay taxes on money I withdrew but when I entered the forms it says I don't have to pay taxes

Taxable income does say $0
KenH1
New Member

Confused about my IRA 1099-R, I thought I'd have to pay taxes on money I withdrew but when I entered the forms it says I don't have to pay taxes

Based on your follow up comments:  a "normal distribution" from an IRA will always be included in your taxable income unless it is rolled over. 

Your taxable income will be applied against any adjustments, deductions, and credits.  For some taxpayers, that could mean zero tax liability.

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