Do I enter the gross distribution or the taxable amount for income

[CherylW · Accepted solution]

Enter EXACTLY what it says on the 1099-R in the exact boxes.

Box 1 of your 1099-R is the gross distribution; box 2 is the taxable amount.

Turbo Tax figures tax based on the taxable amount.

[mstork5]

I am trying to file a 1099-R, and there seems to be a major discrepancy between what the form says and what Turbo Tax is allowing.

The Gross Distribution in Box 1 is for approximately $120K, but Box 2A shows the Taxable Amount as being only $20K. There is no Box 2A on Turbo Tax's 1099-R form, so how do I enter this?

Withdrawals were already made based on the $20K amount, but they are way under the $22K that your system is saying that I owe.

PS: Just to be clear, Turbo Tax Box 2 is Early withdrawal penalty.

[Lysee555]

Turbo tax doesn’t have box 1

[Lysee555]

There is no box one to put thegross

distribution 

[KathrynG3]

Please confirm you have triggered the Financial institution or other provider (1099-R). After inputting the address, etc, there will be a screen that includes Box 1. 

See the screenshots below: