3524592
You'll need to sign in or create an account to connect with an expert.
Box 16 should be the same as what is listed in box 1 on your Form 1099-R, but is often left blank by the broker. You should enter the amount in box 1 in box 16 when you enter your Form 1099-R in TurboTax to allow you to e-file your tax return.
I need to confirm my understanding of all this.
I need to understand the reason for your advice. (I'm no income tax expert! LOL)
For state income tax purposes, do you advise that I use box 1 on the 1099-R because the income listed in box 2a on the 1099-R refers to federal taxable income? Since I participated in a deferred compensation program while I was employed as a local government employee, Box 2a represents the taxable income from a federal standpoint only? Not my state's?
Thank you for your help. The Turbo Tax requirement that Box 16 must be filled is new. I don't recall that being required for the past several years. There must be something added advising users in the Turbo Tax Deluxe (and other appropriate versions) as to what action to take. This has delayed my e-filing my federal income tax several days.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
jcaskey83
New Member
emircengiz1925
New Member
maemia8812
New Member
irares
New Member
shop3
Returning Member