In one case a box2 taxable amount is stated and the second the 2b box is not calculated. I am led to believe that I have to choose to use the general rule in both cases correct? How do I do this with my Turbo Premier?
After you enter the 1099-R and hit Done, you are asked a series of quesitons. Each time, a question will ask if the amount in 2b is used as the taxable amount. If you say No, you will continue on and will be given a choice between the Simplified or General Method.
After you enter the 1099-R and hit Done, you are asked a series of quesitons. Each time, a question will ask if the amount in 2b is used as the taxable amount. If you say No, you will continue on and will be given a choice between the Simplified or General Method.
This doesn't answer the OP's question. The question was:
"Does Turbo calculate annuity taxable payments using the general rule? Where if so is info entered?"
But if you select "General Rule" at the point you suggest, Turbotax merely asks for the taxable amount. The OP is asking if Turbotax can calculate that amount because if not, it would have to be calculated manually using IRS provided worksheets and Actuarial Tables in publication 939.