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New Member
posted Oct 26, 2023 8:24:27 AM

Hi. Does anyone know how to let turbo tax know that distributions on 1099-R are ONLY the amount of contributions? It used to ask, but didn't, so it's showing tax owed.

0 4 1475
4 Replies
Level 15
Oct 26, 2023 9:09:02 AM

Is a taxable amount entered in box 2a of the Form 1099-R?

What is the code in box 7 of the Form 1099-R?

Is the IRA/SEP/SIMPLE box checked on the Form 1099-R?

New Member
Oct 26, 2023 10:59:42 AM

No, J, and no.

Level 15
Oct 26, 2023 11:34:03 AM

@dmertz Could you assist with this issue?

Level 15
Oct 26, 2023 5:07:37 PM

On the page that lists the Forms 1099-R that you have entered, click the Continue button.  TurboTax will then ask you to provide your Roth IRA contribution basis.  After you have entered that, TurboTax will be able to complete Part III of Form 8606 to correctly calculate the taxable amount to be included on Form 1040 line 4b (which will be zero if you took out no more than your contributions).