I emptied an IRA in 2019 (2 cash payouts). Balance...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 2

I emptied an IRA in 2019 (2 cash payouts). Balance= $0. Intuit keeps asking for Retirement Income info. What is the BASIS for Retirement Income that does not exist??

 
6 Replies
Level 15

I emptied an IRA in 2019 (2 cash payouts). Balance= $0. Intuit keeps asking for Retirement Income info. What is the BASIS for Retirement Income that does not exist??

Are you entering a 1099-R?  What exactally does the question say?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Level 2

I emptied an IRA in 2019 (2 cash payouts). Balance= $0. Intuit keeps asking for Retirement Income info. What is the BASIS for Retirement Income that does not exist??

Yes, I'm entering a 1099-R. It shows only a Gross Distribution. No income tax was withheld.

The 1st question asks : What kind of retirement income do you have from Pennsylvania?

There's a drop down with replies, none of which is the accurate one, which would be NONE.

Level 2

I emptied an IRA in 2019 (2 cash payouts). Balance= $0. Intuit keeps asking for Retirement Income info. What is the BASIS for Retirement Income that does not exist??

9 errors when trying to save my return. So confused. Used turbo tax last year with no problems. It was a breeze.

Guess I'll try a different software.

Level 15

I emptied an IRA in 2019 (2 cash payouts). Balance= $0. Intuit keeps asking for Retirement Income info. What is the BASIS for Retirement Income that does not exist??

Sorry, I cannot help with PA, I only know CA.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Level 15

I emptied an IRA in 2019 (2 cash payouts). Balance= $0. Intuit keeps asking for Retirement Income info. What is the BASIS for Retirement Income that does not exist??

A 1099-R is retirement income.  The money you withdrew is your income.  In a traditional IRA, your basis is zero.  If you are living in PA, possibly your state return is asking if you were a state employee or someone else whose retirement income is tax-free to PA state taxes.  TurboTax does not capture this in the federal interview and sometimes must ask state-specific questions to address times when state tax law treats income differently than federal law.  

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
Level 2

I emptied an IRA in 2019 (2 cash payouts). Balance= $0. Intuit keeps asking for Retirement Income info. What is the BASIS for Retirement Income that does not exist??

It's retirement income from an IRA I set up with personal money. This was not an employer based IRA. I have never been a state employee. 

I emptied an IRA that I set up. That's all. 

Dynamic Ads
v
Privacy Settings