I put my 1099-R information in correctly. I keep getting an error saying only 3000 is allowed for insurance premium. It shows a random number that does not align with anything I put in and that only $3000 is allowed.
“Forms 1099-R Summary: Line 26d- Taxpayer plus line 28c- Taxpayer, should not be greater than $3000”
could this be a glitch in the program?
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Box 5 is the tax free portion so it should not be bigger than box 1. Is your box 5 bigger than box 1?
I am having the same problem. I inputted my 1099-R correctly. My box 5 is less than my box 1. Any other suggestions?
After entering your 1099-R, you'll get a screen asking how much of the amount in Box 5 is for insurance premiums. Enter an amount of $3,000 or less.
If you had more than one 1099-R for retirement distributions as a Public Safety Officer, the amounts in both Box 5's can't exceed $3,000.
If you're using TurboTax Online, close the program, clear your Cache and Cookies and return to the section and step through your 1099-R entries again.
Make sure you indicated the distribution was for Public Safety Officer, and that the funds were used to pay insurance premiums.
Thanks for taking the time to respond. Unfortunately, I am still receiving the same error message.
I lowered my Health Insurance Contribution to below 3K (2,999). I watched my state tax bill increase. I made sure that I marked myself as a law enforcement officer. Then I did the Federal Review and received the same error message.
I don't imagine that you have any other suggestions for me.
I'm guessing I will not be able to e-file this year.
Did you auto-import the 1099-R? If so, please delete it and enter it by hand.
It bothers me that you note, "It shows a random number that does not align with anything I put in ". When random numbers appear, I think that garbage has been entered (not by you, but by bad data).
Oh, and as Marilyn notes, you can't exceed $3,000 on all your 1099-Rs together.
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