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I emptied an IRA in 2019 (2 cash payouts). Balance= $0. Intuit keeps asking for Retirement Income info. What is the BASIS for Retirement Income that does not exist??

 
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6 Replies

I emptied an IRA in 2019 (2 cash payouts). Balance= $0. Intuit keeps asking for Retirement Income info. What is the BASIS for Retirement Income that does not exist??

Are you entering a 1099-R?  What exactally does the question say?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

I emptied an IRA in 2019 (2 cash payouts). Balance= $0. Intuit keeps asking for Retirement Income info. What is the BASIS for Retirement Income that does not exist??

Yes, I'm entering a 1099-R. It shows only a Gross Distribution. No income tax was withheld.

The 1st question asks : What kind of retirement income do you have from Pennsylvania?

There's a drop down with replies, none of which is the accurate one, which would be NONE.

I emptied an IRA in 2019 (2 cash payouts). Balance= $0. Intuit keeps asking for Retirement Income info. What is the BASIS for Retirement Income that does not exist??

9 errors when trying to save my return. So confused. Used turbo tax last year with no problems. It was a breeze.

Guess I'll try a different software.

I emptied an IRA in 2019 (2 cash payouts). Balance= $0. Intuit keeps asking for Retirement Income info. What is the BASIS for Retirement Income that does not exist??

Sorry, I cannot help with PA, I only know CA.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

I emptied an IRA in 2019 (2 cash payouts). Balance= $0. Intuit keeps asking for Retirement Income info. What is the BASIS for Retirement Income that does not exist??

A 1099-R is retirement income.  The money you withdrew is your income.  In a traditional IRA, your basis is zero.  If you are living in PA, possibly your state return is asking if you were a state employee or someone else whose retirement income is tax-free to PA state taxes.  TurboTax does not capture this in the federal interview and sometimes must ask state-specific questions to address times when state tax law treats income differently than federal law.  

I emptied an IRA in 2019 (2 cash payouts). Balance= $0. Intuit keeps asking for Retirement Income info. What is the BASIS for Retirement Income that does not exist??

It's retirement income from an IRA I set up with personal money. This was not an employer based IRA. I have never been a state employee. 

I emptied an IRA that I set up. That's all. 

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