On my 1099-R I have a gross distribution of 33,000 but a taxable amount of 572.00 cause I contributed 32,400 in premiums but turbo tax adds the 33,000 to my total income

[mdamiani57]

shouldn't it add the 572.00 rather than the 33,000 I paid 32,440 in premiums it seems it's not recognizing that

[ThomasM125]

I think you mean that you contributed $32,400 to your retirement account over several years while you were working. Now that you are starting to get benefits, you will be allowed to treat a portion of your distributions as not taxable, but not all in the same year. The non-taxable amount that you contributed will be spread out over the remainder of your expected years of life.

If you mean that the amount in box 2 of your 1099-R form, the taxable amount, is $572, then you must have entered something incorrectly when you entered your form 1099-R. If so, then you should go back and review your entry, or delete it and start it over.

[SweetieJean]

If you are looking at the TT Income Summary, that lists only the gross amount and is just FYI.  The taxable figure appears on your actual tax return.

[mdamiani57]

OK Thank you for your help. you're correct just to find out I deleted it and it only lowered my taxes due by $70 dollars.

Michael