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Received distribution from traditional IRA. The 1099-R received reports the amount in box 1 and box 2a. Box 2b is checked. How do I get the non-tax amt. into Turbo Tax?
I now what is taxable and what is non-taxable but Turbo Tax does not give me the opportunity to input the non-taxable amount. The amounts in box 1 and 2a are the same amount.
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Received distribution from traditional IRA. The 1099-R received reports the amount in box 1 and box 2a. Box 2b is checked. How do I get the non-tax amt. into Turbo Tax?
The non-taxable amount is entered by reporting your non-deductible contributions to the IRA.
When your Traditional IRA contains both deductible and non-deductible contributions, every distribution from the account will include a combination of both types of funds.
You will not be able to specifically enter the non-taxable portion into TurboTax. Instead, to be sure that you are only paying tax on the deductible (pre-tax) portion of your distribution, you will need to know and enter the amount of non-deductible contributions that were made to the account. This is considered the account basis.
In TurboTax, after you enter the Form 1099-R that is reporting your distribution, there will be a series of follow-up questions that you will answer. One of those questions will pertain to the basis. It asks something like “did you make non-deductible contributions to the IRA”. When you enter the basis, the taxable amount will be calculated and reported on your Form 1040.
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Received distribution from traditional IRA. The 1099-R received reports the amount in box 1 and box 2a. Box 2b is checked. How do I get the non-tax amt. into Turbo Tax?
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