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cayenne98
New Member

Turbo tax is not showing the taxes paid on form 1099r. How do I correct this?

Rec'd form 1099R and it shows the federal taxes were taken out but when entered in turbo tax we are being taxed on the total distribution again.  Why?

8 Replies
DoninGA
Level 15

Turbo tax is not showing the taxes paid on form 1099r. How do I correct this?

Federal income taxes withheld and shown in box 4 of the Form 1099-R are entered on your tax return as a tax payment, just like from a W-2.  Reported on Form 1040 Line 64 or Form 1040A Line 40.

The taxable amount of the distribution is entered on your tax return as ordinary income and taxed at your current tax rate.  If your total tax payments are greater than your total tax liabilities then you will receive a tax refund for the overpayment.  If your total tax payments are less than your total tax liabilities then you will have taxes owed.

If you were under the age to be exempt from the 10% early withdrawal penalty, the penalty is assessed on your Form 1040 Line 59 as a tax liability.

You can view your Form 1040 at any time.  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.

masonmom
New Member

Turbo tax is not showing the taxes paid on form 1099r. How do I correct this?

It’s did this to me as well, adding an extra 30% tax and I already had them take 30% out of.  Everyone that asks the question gets the same gibberish as above and they never check their programming.  I finally switched to a different tax prep program and it finally calculated correctly.  
nancykelley1417
New Member

Turbo tax is not showing the taxes paid on form 1099r. How do I correct this?

I just got off the phone with a turbo tax 'professional" named Shamika, and she was not helpful at all about this, plus she kept telling me "its up to YOU to enter the tax you paid on your 1099r" Ive already had the taxes withdrawn from my 1099r but it is not reflected anywhere on my return. The whole reason I used turbotax is to guide me through this process, and they screwed me up TWO YEARS in a row.  I really would like my fee returned, this is just plain wrong.
DoninGA
Level 15

Turbo tax is not showing the taxes paid on form 1099r. How do I correct this?

@nancykelley1417 Taxes withheld from W-2's and 1099's are all entered on Form 1040 Line 16.

If you completed entry of a Form 1099-R in the Retirement Plans and Social Security section of the program and there were federal taxes withheld in box 4 of the form, the program enters those on your tax return.  This is a basic function of the program and has been since the inception of the program decades ago.  If this was a systemic problem then there would hundreds of thousand of complaints and there is not.

If you are using the TurboTax online editions and have not yet filed the return then review the Form 1040.
Look at the Form 1040 Line 4a and 4b for the Form 1099-R amounts from box 1 and box 2a.  Look at Line 16 for total federal taxes withheld from W-2's and 1099's.

 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.
nvjarhead
New Member

Turbo tax is not showing the taxes paid on form 1099r. How do I correct this?

Nice try but when I've done everything but file I went and looked at my 1040 and it was completely blank. I looked at last year's last pay stub and it's showing the same as what's in my tax summary. Now that I know there is a problem here I'm going to try someone else because I don't trust this program

AngelaJo13
New Member

Turbo tax is not showing the taxes paid on form 1099r. How do I correct this?

This same thing is happening to me.  I keep entering manually the amount I earned on my 1099R but Turbo Tax is not giving me credit for the federal taxes I already paid.  I feel like this is some kind of glitch in the program.  I have gone over it again and again and reviewed all of the questions but it keeps showing the total taxable amount but does not give me credit for the amount I already paid (that was withheld.)  This is for a state teacher pension plan in Illinois.  

MarilynG1
Expert Alumni

Turbo tax is not showing the taxes paid on form 1099r. How do I correct this?

@AngelaJo13  The Federal Tax Withheld on your 1099-R gets added to all your other tax payments in your return. 

 

When all your income has been entered, and all the taxes you paid have been entered, your Tax Due is calculated using these totals.

 

Click this link for a more detailed explanation of Tax Withheld on Form 1099-R. 

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GaryGF
Returning Member

Turbo tax is not showing the taxes paid on form 1099r. How do I correct this?

Either this just happens in a small number of cases each year or most people never think to check it manually, after all that is why we use tax preparation s/w.  I do my sister's simple taxes each year along with my own.  Her income is 1099-R and social security.  She always has $600 taken out of her retirement, "just in case" she had taxes to pay.  Each year she gets it back, as her income is too small to pay any taxes.  This year TT said she was getting nothing back, so that was an obvious red flag.  I investigated and found that the $600 had been accepted from the input form but was never transferred to the 1040 form.  I had to do a manual override to get it to work correctly.  I would like to know which piece of s/w does this transfer between forms and what is its latest version.  TT always says it checks for s/w updates and I always install them when it says there are new ones, but I would like to check this out manually to confirm it.  As I said, this has worked fine for the past 5 years, and I am using the same computer, and still getting my download from Amazon, and then running the updates.  But it looks like some people have had this problem in the years when I did not have it.  This sounds like when I get an update from my backup s/w vendor which says that a few users with ...  have had problems backing up a particular type of file and they finally determined why it was happening.  TT needs to look into these corner case problems more seriously.

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