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With box 2a equal to box 1 and box 2b Taxable amount not determined marked, this is apparently a regular distribution from a traditional IRA (code 1, 2 or 7 in box 7 and the IRA/SEP/SIMPLE box marked). TurboTax will treat the entire amount as taxable unless you have basis in nondeductible traditional IRA contributions, entered after clicking the Continue button on the Your 1099-R Entries page and answering the additional questions accurately. If the distribution is an early-distribution, indicated by code 1 in box 7, TurboTax will also calculate the 10% early-distribution penalty on the taxable amount.
TurboTax will also give you credit on your tax return for any tax withholding shown in box 4 of the Form 1099-R.
With box 2a equal to box 1 and box 2b Taxable amount not determined marked, this is apparently a regular distribution from a traditional IRA (code 1, 2 or 7 in box 7 and the IRA/SEP/SIMPLE box marked). TurboTax will treat the entire amount as taxable unless you have basis in nondeductible traditional IRA contributions, entered after clicking the Continue button on the Your 1099-R Entries page and answering the additional questions accurately. If the distribution is an early-distribution, indicated by code 1 in box 7, TurboTax will also calculate the 10% early-distribution penalty on the taxable amount.
TurboTax will also give you credit on your tax return for any tax withholding shown in box 4 of the Form 1099-R.
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