My 1099R has the taxable amount not determined box checked. I have been able to determine this value and entered it in box 2A. Turbo Tax, however, used the gross distribution from Box 1 to calculate the taxable income. How do I correct this?
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When you rolled the 401(k) over to the IRA, assuming that the entire gross amount was rolled over, the after-tax basis in your 401(k) became nondeductible contribution basis in your traditional IRAs. To get the distribution from your IRA reported correctly, you must do the following:
TurboTax will use this, the amount of your IRA distribution(s) and your 2016 year-end balance in traditional IRAs to calculate on Form 8606 the amount of your distribution that is taxable.
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