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Level 1

Question

Problem with 1099-R data

Forum|Forum|6 years ago
February 15, 2020
2 replies
2 views

After entering Life Insurance 1099-R data, the entire amount from box 2a shows up as income even though the amount listed in box 5 should reduce this? What am I doing wrong??

Level 12

If the amount in Box 2 is the same as the amount in Box 1 then the full amount is taxable even though you made contributions that were after tax. Those after tax contributions have already been distributed.

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Level 15

The payer will have already reduced the amount in box 2a by the amount in box 5. Expect to see that box 2a plus box 5 equals box 1.