IRA Basis

Forum|Forum|1 year ago
February 18, 2025
1 reply
16 views

TurboTax has not deducted IRA Basis from 1040 IRA distributions, line 4a and 4b, to get taxable amount. How can I fix that?

TurboTax Home & Biz Windows

DavidD66

Level 15

Can you clarify please. What form are you referring to with 4a and 4b?

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

NormVisteAuthor

Level 2

As I said, 1040.

DanaB27

Level 15

I have many 1099-Rs.

New question:

Turbo Tax does not add up the taxable amounts of distributions shown in box 2a in all 1099_R forms to enter on the form 1040 line 4b IRA Distributions – taxable amount.

How can I fix that?

Since you had a basis in the IRA, the taxable amount on line 4b of Form 1040 is calculated on Form 8606 and not the sum of the distributions shown in box 2a.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"