Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

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

cancel
Showing results for 
Search instead for 
Did you mean: 
t4yer
New Member

My 1099-R form shows taxable income of $14,000+ but I only received a lump payment of $3,900. How do enter this on my tax form?

Don't know if my income should be $14,000 when I only received $3900.

1 Best answer

Accepted Solutions
DDollar
Level 7

My 1099-R form shows taxable income of $14,000+ but I only received a lump payment of $3,900. How do enter this on my tax form?

It sounds to me like there is either a mistake or some missing information.  I think you should contact administrator/plan custodian to get an explanation before filing your taxes.

View solution in original post

2 Replies
dmertz
Level 15

My 1099-R form shows taxable income of $14,000+ but I only received a lump payment of $3,900. How do enter this on my tax form?

Did you have an outstanding loan from the qualified retirement plan and a portion of your distribution was used to pay off that loan (called an offset distribution)?
Was some amount withheld for taxes?

These can explain where the $10,100 went.
DDollar
Level 7

My 1099-R form shows taxable income of $14,000+ but I only received a lump payment of $3,900. How do enter this on my tax form?

It sounds to me like there is either a mistake or some missing information.  I think you should contact administrator/plan custodian to get an explanation before filing your taxes.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.62m
Discussions

Manage cookies
v