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emk159
New Member

I put a lump sum money into my usaa ira then was told I cant do that because i wasnt working,retired. so they told me to take it back out, this is now shown as income

it was money i had in savings that i put in the ira then had to take it back out, why should it show gross distribution when its the money i already paid taxes on
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ToddL
New Member

I put a lump sum money into my usaa ira then was told I cant do that because i wasnt working,retired. so they told me to take it back out, this is now shown as income

The amount of any distribution from an IRA is included in any TurboTax Summary Screen as "Total Income"

That does not mean the distribution is "taxable income".

The gross distribution will be be included as "Income" in the program and on your tax return (Line 15a of Form 1040). 

It will only appear in Line 15b of Form 1040 if it is taxable.

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1 Reply
ToddL
New Member

I put a lump sum money into my usaa ira then was told I cant do that because i wasnt working,retired. so they told me to take it back out, this is now shown as income

The amount of any distribution from an IRA is included in any TurboTax Summary Screen as "Total Income"

That does not mean the distribution is "taxable income".

The gross distribution will be be included as "Income" in the program and on your tax return (Line 15a of Form 1040). 

It will only appear in Line 15b of Form 1040 if it is taxable.

View solution in original post

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