My mother passed away in 2022. She was born Feb of 1933 and I received a 1099-R from here retirement account under my Social Security#. I went through the process of answering the questions through TurboTax but I am still not sure. Here are the lines from 1099-R. I did not reinvest the money, I took the money out.
Box 1: $3578.00 (gross)
Box 2a: $2933.70 (taxable)
Box 3: $272.91 (Capital Gains)
Box 4: $587 (Fed W/H)
Box 5: $644.30 (employee contrib/design roth/Insurance
Box 7: 4A
Nothing appears on the Capital Gains on Form 1040 and nothing indicates if I qualify for the 10 year tax option. Do I have to manually enter box 3 $273.00 Capital Gains on Schedule D, if so which line would I transfer this number to.
Thank you in advance for your assistance.
No, the capital gain amount is included in the gross distribution. Therefore, you will not be separately entering the capital gain amount on your Schedule D. The gross amount of $3,578 should appear on your Form 1040, line 5a; however, the taxable amount of $2,933 should appear on line 5b. The withholding amount of $587 should appear on line 25b.
If you are using TurboTax online, you can view your Form 1040 (before paying the TurboTax fee) by following these steps:
@taxesohmy2017
No, the capital gain amount is included in the gross distribution. Therefore, you will not be separately entering the capital gain amount on your Schedule D. The gross amount of $3,578 should appear on your Form 1040, line 5a; however, the taxable amount of $2,933 should appear on line 5b. The withholding amount of $587 should appear on line 25b.
If you are using TurboTax online, you can view your Form 1040 (before paying the TurboTax fee) by following these steps:
@taxesohmy2017