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Enter EXACTLY what it says on the 1099-R in the exact boxes.
Box 1 of your 1099-R is the gross distribution; box 2 is the taxable amount.
Turbo Tax figures tax based on the taxable amount.
Enter EXACTLY what it says on the 1099-R in the exact boxes.
Box 1 of your 1099-R is the gross distribution; box 2 is the taxable amount.
Turbo Tax figures tax based on the taxable amount.
I am trying to file a 1099-R, and there seems to be a major discrepancy between what the form says and what Turbo Tax is allowing.
The Gross Distribution in Box 1 is for approximately $120K, but Box 2A shows the Taxable Amount as being only $20K. There is no Box 2A on Turbo Tax's 1099-R form, so how do I enter this?
Withdrawals were already made based on the $20K amount, but they are way under the $22K that your system is saying that I owe.
PS: Just to be clear, Turbo Tax Box 2 is Early withdrawal penalty.
Turbo tax doesn’t have box 1
There is no box one to put thegross
distribution
Please confirm you have triggered the Financial institution or other provider (1099-R). After inputting the address, etc, there will be a screen that includes Box 1.
See the screenshots below:
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