topic Report Annuities in 1040-SR in Get your taxes done using TurboTax

Report Annuities in 1040-SR

On Line Software User — Tue, 11 Feb 2025 20:05:48 GMT

Why my finished 1040-SR line 5a shown 0 when line 5b is showing 8,552 which are taxable amount from 1099-R forms for my Non Qualified Annuities which are in trust and I am older than 59 1/2.

Why is my line 5b zero when line 5a is 8,552?

Re: Report Annuities in 1040-SR

SharonD007 — Tue, 11 Feb 2025 20:16:03 GMT

Line 5b of your 1040 is the taxable portion of your pensions and annuities. Are you saying that line 5a is 0 for your pension and annuity distribution? Please clarify.

Re: Report Annuities in 1040-SR

On Line Software User — Thu, 13 Feb 2025 03:38:44 GMT

Dear SharonD007,

Thank you for your email.

Sorry for not to be clear in my question.

When I said that "line 5a is 0 for my pension and annuity distribution" I meant that Line 5a is clear (does not show any $) and maybe it is ok,.. but my problem is that after entry Annuities 1099-R forms information into retirement income and gave all answers include question "Let's check if I met the minimum distribution" with the answer "NO" (per Section 72U of the IRS my annuities are Non Qualified Annuities held in trust (non-natural person), no RMD is required, I am older then 59 1/2 and income is treated as ordinary income) I got very weird Turbo Tax message: "We recommend waiting to file your taxes" (!?!?) & "We're working on some updates relate to (my) required minimum distribution,.." (Please see photo below). I am stock :(

- What is the real problem?

- Why I have to wait to file my taxes?

- How long to wait the resolution?

- Who is working on updates?

- & etc.

I hold and reported the same annuities several years and never had problem with Turbo Tax for this issue until now.

I can not finalize and submit my Tax return with 100% accuracy.

Your thoughts.

Please do not hesitate to ask any questions.

Thank you in advanced.

Re: Report Annuities in 1040-SR

DawnC — Thu, 13 Feb 2025 03:33:39 GMT

There are no problems with your tax return or entries. We are working on finalizing the forms you need to file your return. I don't have a date when the update will be complete, but you can sign up for notifications by clicking on the sign-up link in this TurboTax FAQ.

After the updates are complete, you will be able to file your return. We need to do these updates before you file, so that we can guarantee your tax return will be 100% accurate. Check back later this week or next.