topic Re: Problem with 1099-R in Get your taxes done using TurboTax

Problem with 1099-R

Anishka — Sat, 22 Feb 2025 21:56:45 GMT

I had an RMD in 2024 from Fidelity for $98,905. I entered this amount on my Turbo Tax 1099-R form in Box 1 and in Box 2; designating that the entire amount was taxable. However later in the Turbo Tax review of my taxes the Gross Distribution is listed correctly as $98,905, but the Taxable Amount is listed on the Turbo Tax Program as $95,279. I checked my data entry and it was correct. How do I make the taxable amount equal 98,905. Seems to be a program error since I did enter the data correctly. HELP!!

Re: Problem with 1099-R

dmertz — Sun, 23 Feb 2025 04:36:08 GMT

Presumably this distribution is from a traditional IRA, indicated with code 7 in box 7 and the IRA/SEP/SIMPLE box marked. If so, the taxable amount being less than the full gross amount distributed implies that you have basis in nondeductible traditional IRA contributions, a portion of which was applied on Form 8606 Part I to reduce the taxable amount.

Re: Problem with 1099-R

Anishka — Tue, 25 Feb 2025 18:53:02 GMT

Thank you! Thank you! Thank you!

Larry