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jnrn35
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On my 1099 R block 5 is a tax. Can I deduct this amount? Turbo Tax never asks about this block 5.

 
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4 Replies

On my 1099 R block 5 is a tax. Can I deduct this amount? Turbo Tax never asks about this block 5.

Who is your 1099R from?  On most, Box 5 is not a tax.  And there should be box 5 on the screen to enter it.

 

https://www.irs.gov/pub/irs-pdf/f1099r_18.pdf

On my 1099 R block 5 is a tax. Can I deduct this amount? Turbo Tax never asks about this block 5.

Box 5 on an IRS Form 1099-R is not a tax.  

 

Box 5. Generally, this shows the employee’s investment in the contract (after-tax contributions), if any, recovered tax free this year; the portion that’s your basis in a designated Roth account; the part of
premiums paid on commercial annuities or insurance contracts recovered tax free; the nontaxable part of a charitable gift annuity; or the investment in a life insurance contract reportable under section 6050Y. This box doesn’t show any IRA contributions. If the amount shown is your basis in a designated Roth account, the year you first made contributions to that account may be entered in box 11.

 

The TurboTax program Form 1099-R includes all the boxes as is on an IRS Form 1099-R - https://www.irs.gov/pub/irs-prior/f1099r--2018.pdf

 

TurboTax program Form 1099-R

Form 1099-R box 5.JPG

 

To enter, edit or delete a form 1099-R -

  • Click on Federal Taxes (Personal using Home and Business)
    Click on Wages and Income (Personal Income using Home and Business)
    Click on I'll choose what I work on (if shown)
    Scroll down to Retirement Plans and Social Security
    On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Go to 1099-R

On my 1099 R block 5 is a tax. Can I deduct this amount? Turbo Tax never asks about this block 5.

Did you mean box 15 for Local Tax?  

On my 1099 R block 5 is a tax. Can I deduct this amount? Turbo Tax never asks about this block 5.

Form 1099-R Local Tax.JPG

 

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