I have a 1099-R that is blank on the space for "amount taxable." But when I leave it blank in turbotax, I am told there must be a number entered, even if it is zero. ??
In 2020, I withdrew all money from an inherited Roth IRA I received from my mom in 2007. It was much greater than the RMD. Is that all taxable?
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1 Replies
AmyC
Expert Alumni
May 17, 2021 7:08:37 PM
Yes. If you were affected by COVID, you can spread that distribution over 3 years on your taxes. To spread it out:
Return to the 1099-R, edit/update
Box 1 gross distribution
Box 2 taxable amount, enter the full amount
Box 7, code 1
taxes withheld
continue
About the Money... continue
Answer IRA, Safety Officer, continue
Select your state, continue
Where Is this Distribution from? Neither of the above, continue
What did you do? Something else, continue
Periodic payments? No, continue
Was this COVID? Yes, COVID, continue
How much? Enter all or portion, continue
Receive before Dec 30? Yes
Did you or dependents test positive? answer
Did you have reduction in income or other on the list? answer, continue