topic W-2 line 1 in Get your taxes done using TurboTax

W-2 line 1

blm2659 — Wed, 08 Apr 2020 16:46:29 GMT

Sir,

I am a former postal worker.

My statement if annuity shows I recieved

line 1 Gross Distributution $32556.00

line 2 taxable amount 32075.88

line 4 fed income tax withheld 2248.32

Yet, I am asked to put in line 1 of W-2 which is wages tips other comp which is $166.75 and compared to last year the number is over $21,000. And so far my refund is only $50. I am at a loss and not sure if I am on right track with so much difference in comparsion to last years numbers.... what am I missing filling out the online form.. Also I started investing in rental real estate and have a K-2 form ... where will I see link for that for the credit I will get for depreciation purposes?

reguards,

Bruce

Re: W-2 line 1

ReginaM — Wed, 08 Apr 2020 16:55:20 GMT

Your gross distribution from your annuity account would be reported to you on a 1099-R. Accordingly, in TurboTax, you would enter this information as a 1099-R and not as W-2 (wages) by following these steps:

While in your Tax Home,
Select Search from the top right side of your screen,
Enter 1099-R,
Select Jump to 1099-R,
Follow the On-Screen Prompts to complete this section.

For your K-1 that you received on your investment rental properties, you would enter it by following these steps:

While in your Tax Home,
Select Search from the top right side of your screen,
Enter K-1,
Select Jump to K-1,
Follow the On-Screen Prompts to complete this section.