Inherited ira

[fanfare]

You are using code "4" for distribution code, right?

"I played with some of the numbers again "

As you modify the distribution you must modify the taxable amount and the amount withheld accordingly.

Does this go without saying? a simple mistake if you are not paying attention.

OR

to see the tax effect more clearly, don't show any money withheld (box 4 = zero)  when you get the check you can make an Estimated Tax payment at that time.

OR you can select the amount to be withheld when you actually do it.

"22 isn't available yet. "

Wait until January to take any large distribution to take advantage of the better 2023 tax brackets.

[fanfare]

@Opus 17 

I said -- self directed Inherited IRA account.

[fanfare]

You don't use code "A" on 1099-R for an inherited IRA distribution.

@Notch352 

[Notch352]

Box 7 is checked and code is 4, death.  all amounts over 50k all come out correct and same as before.  Nothing else on 1099 is filled out box 4 is 0 on all estimates I've just been changing the box 1 gross distribution and box 2b is checked taxable amount not determined. Idk I thought something wasent right as well but I didn't change anything else. Idk because if that's the case I'd just take 35k this year and rest next year because if I don't work Sundays everyday I can cut my income by 40k. I work in a union shop mandatory 10s and 6 on Saturdays Sundays are double time and voluntary. There giving me a 25,100 deduction using 21 taxed if that means anything. 

[NCperson]

@Notch352 - be sure to enter the same amount in Box 1 and Box 2a..... normally, for a traditional IRA, all the money coming out is taxable.  checking that 'not determined' box and leaving box 2a blank may be the problem. 

[Notch352]

I put 39k In box 1 and 2a didn't check anything and it's comes out as a 356 refund and I owe ny 1970

[NCperson]

@Notch352 - what is on Line 11 of Form 1040 before you enter the $39,000 and then after entering the $39,000..... if the refund (federal) was $1200 prior to entering the $39,000 and now the refund is $346, something still is not correct, but we are getting closer!