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citizens
Level 1

taxable income reported on 1099R not picked up correctly on 2019 Form 1040

Has anyone in the Community or at TurboTax identified a problem with how taxable income input from Box 2a of a 2019 Form 1099R is being doubled up on Form 1040?  In my case, the 1099R reports $24,062.52 of taxable amount.  Something happening with TurboTax software converts this (doubles it) to $48,126 of income on 2019 Form 1040.  If I input $1 in Box 2a of Form 1099R as a test, the program doubles that amount to $2 of taxable income on 2019 Form 1040.  Seems to me a program fix is in order.  

7 Replies
DoninGA
Level 15

taxable income reported on 1099R not picked up correctly on 2019 Form 1040

What program are you using TurboTax online or one of the TurboTax desktop editions?  If desktop, which OS, Windows or Apple?

Jlcalore
Level 2

taxable income reported on 1099R not picked up correctly on 2019 Form 1040

Hi,

I have the same issue I think! I am no tax expert, this is my first time ever leaving my job and withdrawing a full disbursement of the 401(k) contributions (which were relatively small- it’s my first time having a retirement account hence my first time withdrawing the whole thing) and I was only employed at this position for a year and a half. When I withdrew I had 20% withheld, I feel like there’s something wrong in the TurboTax system, but have no idea how to identify what it is, I just know that it is something to do with me recording these figures into their designated box numbers... and having my estimated return amount being almost $2000 less than it should be! 

VolvoGirl
Level 15

taxable income reported on 1099R not picked up correctly on 2019 Form 1040

Yes you can lose like 50% of it or more for taxes and penalties.

 

You didn't actually pay the tax or 10% penalty (you pay a 10% early withdrawal penalty if you are under 59 ½).  You had taxes withheld like from your paycheck. You still have to enter the whole gross original amount (before taxes were withheld) with your other income to figure out the total tax (and it may put you into a higher tax bracket) and then the withholding is subtracted from the total tax to figure your refund or tax due. The gross amount shows up,on 1040 line 4a/4c and the taxable amount on 4b/4d.  The withholding will show up on 1040 line 17.

 

It has to break out and show the 10% penalty separately on your return, (Schedule 2 line 6 which goes to 1040 line 15)

Then you get credit for all the withholding taken out on 1040 line 17.

 

And by increasing your income you may have lost some credits like the EIC . 

 

And check if you have the right taxable amount showing up.   A 401K is usually 100% taxable.  Check 1040 line 4d.

Jlcalore
Level 2

taxable income reported on 1099R not picked up correctly on 2019 Form 1040

Thank you for the input! Yes, so it was a 401A, and a state pension, and I see what you mean with them Both being 100% taxable now 😩
but still...something doesn’t seem right...I did chose to have the taxes withheld, 

but there’s no way my “refund” should be, like $164 lol. I can’t figure out what I’ve got wrong here, I’ve made approximately the same-ish salary for around 11 years, hhhmmmm, I’ve always gotten a few thousand back, I hate to do it, but I might have to give up on TurboTax and pay a professional to find the error 😭

DoninGA
Level 15

taxable income reported on 1099R not picked up correctly on 2019 Form 1040


@Jlcalore wrote:

Thank you for the input! Yes, so it was a 401A, and a state pension, and I see what you mean with them Both being 100% taxable now 😩
but still...something doesn’t seem right...I did chose to have the taxes withheld, 

but there’s no way my “refund” should be, like $164 lol. I can’t figure out what I’ve got wrong here, I’ve made approximately the same-ish salary for around 11 years, hhhmmmm, I’ve always gotten a few thousand back, I hate to do it, but I might have to give up on TurboTax and pay a professional to find the error 😭


If you are using the online editions you can review your federal tax return Form 1040 at any time.  Look at your taxable income, the total taxes on the income and your total tax payments for any discrepancies 

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

la8673734
Returning Member

taxable income reported on 1099R not picked up correctly on 2019 Form 1040

USING WINDOWS

ChondelLO
Employee TurboTax Specialist

taxable income reported on 1099R not picked up correctly on 2019 Form 1040

Please visit the TurboTax Help article below for help with troubleshooting printing issues. If these steps do not help, please click here  to help get you connected to the right person for assistance.

 

Troubleshoot printing issues in TurboTax CD/Downlo...

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