turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
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

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.

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

Manage cookies