I get a monthly check from the state of Montana. How do I accurately represent this in turbotax?
What is the code in box 7 of the 1099-R? Is there an amount in box 2a? Is the box for IRA/SEP/SIMPLE not checked?
If this is a pension payment and you are being asked for an RMD then the entire amount from box 1 of the 1099-R is the RMD.
When asked if this a Qualified or Non-Qualified Plan, select Qualified
Box 7 has the code of 7
Box 2a has the amount of my taxable income, which is the same as box 1 (gross distribution)
IRA/SEP/SIMPLE is not checked
@jeff_anderson2002 Thank you for the information. Based on that, the program should not be addressing this as an annuity but as a straight pension.
Do any other boxes on the Form 1099-R have an amount entered that is not a 0? If not, I would delete the Form 1099-R and re-enter manually, which should clear up the problem.