I should not have to pay taxes on this amount, yet turbotax has put this amount into distributions from IRA. How do I enter this info into turbotax?
You'll need to sign in or create an account to connect with an expert.
If you received a 1099-R, it is a Distribution from an IRA account.
Whether it is taxable or not depends on the Code in Box 7 of the 1099-R. When you enter the 1099-R into TurboTax, you will be asked some questions about your distribution.
TurboTax will report the distribution on your tax return, but it will not be taxable income.
Here's more info:
https://ttlc.intuit.com/replies/3301082
If you received a 1099-R, it is a Distribution from an IRA account.
Whether it is taxable or not depends on the Code in Box 7 of the 1099-R. When you enter the 1099-R into TurboTax, you will be asked some questions about your distribution.
TurboTax will report the distribution on your tax return, but it will not be taxable income.
Here's more info:
https://ttlc.intuit.com/replies/3301082
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post