I wd $54K of tax-deferred (49K+) & tax-exempt (4K+) $'s f/TSP & rolled to RothIRA. TT Online is adding both 54K&49K amts as taxable in 1099-R summary so how do I correct?

The tax-exempt amount was part of my active duty military TSP contributions while in a combat zone. I assume I'm answering one of the TT Online 1099 questions incorrectly and that is why TT is adding the total withdrawal and taxable amounts (instead of just the taxable amount) to my income.

542

Expert Alumni

Apr 12, 2023 11:44:32 AM

Please be aware that the whole distribution will show as income in TurboTax on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at Form 1040 line 5b (taxable amount).

To preview Form 1040:

Click on "Tax Tools" in the left menu
Click "Tools"
Click "View Tax Summary" in the Tool Center window
Click on "Preview my 1040" on the left

If this doesn't answer your question then please provide more details about your Form 1099-R. What is in box 1 and box 2a? What is the code in box 7?

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I wd $54K of tax-deferred (49K+) & tax-exempt (4K+) $'s f/TSP & rolled to RothIRA. TT Online is adding both 54K&49K amts as taxable in 1099-R summary so how do I correct?