I had a 2017 traditional IRA distribution of $8,000. However, TurboTax is only showing $1,500 on the taxable amount on form 1040 line 15b. I don't understand why the full amount of $8K is not the taxable amount (especially since the "Federal tax withheld" shows $1,350). My 1099R shows "Taxable amount not determined" and it also shows a distribution code of 7 (normal) and the IRA/SEP Simple box is checked. The TurboTax form titled "Distributions from Pensions, IRAs, etc. does not show a calculation for arriving at the $1,500 taxable amount. Can anyone explain how the $1,500 was determined? Thank you.
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A non-deductible basis was showing up of $6,500 in your case and that is why you were getting the taxable amount reduced by this amount.
Great, you had the version to look at the tax forms and worksheets.
A non-deductible basis was showing up of $6,500 in your case and that is why you were getting the taxable amount reduced by this amount.
Great, you had the version to look at the tax forms and worksheets.
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