Box 1 has gross distribution and Box 2a has an amount. Box 4 shows zero withheld. After making a copy of our original Turbo Tax 2016 forms, we went to Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions and answered the questions. It says we now owe $366.
We had $0 taxable income on our original 1040 for 2016. The 1099R we have for 2017, which has the JP code (box 7), has box 1 as $3328.69 , $551.69 (box 2a) is the taxable amount. We did not feel confident in our answers to the prompts we received while creating our 1040x. Does it seem correct that we would owe this much ($366)?
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sounds high. If you are not confident of the answers you provided, delete that 1099-R, and try again.
sounds high. If you are not confident of the answers you provided, delete that 1099-R, and try again.
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