topic Form 1099-R Summary taxable amount error, Please help! in Deductions & credits

Form 1099-R Summary taxable amount error, Please help!

robots818 — Mon, 24 Feb 2025 02:31:08 GMT

Hi, I have a premier desktop version Turbo Tax 2024 and really struggled with 1099-R filing.

I have transferred after-tax 401k to Roth IRA(with earing ), so my 1099-R is like this:

1: $5273

2a: $689 (taxable amount)

5: $4584

7: G, IRA/SEP/SIMPLE not Checked

after I add this form, my total tax due went up $400 (for a taxable amount $689), seems not right.

Form 1040, 5a- $5237, 5b- $1341(not right to me).

Form 1099-R summary shows:

26: $689

31: taxable amount of Roth IRA conversion $652 (I really don't know where does this come from, money was transferred from after tax 401k, suppose only earning will be taxed as above shown $689)

32a: taxable amount of distributions: $1341 (add up above two and transferred to 1040 5b).

So where is the problem? Any one can help me, please? Really appreciate it!

BTW, I have already tried deleting/ manually entering 1099 R. Please help!

Re: Form 1099-R Summary taxable amount error, Please help!

dmertz — Mon, 24 Feb 2025 13:10:34 GMT

TurboTax does something really weird if you enter an amount different than the $4,584 that TurboTax proposes on the "Rollover of 401(k) to Roth IRA" page. I can reproduce what you are seeing by entering $4,621 for that entry, replacing the $4,584 that TurboTax proposes. (On the computer I am using at the moment the latest version of TurboTax I have installed is 2020 TurboTax so I am using that to test, but I suspect that the behavior remains unchanged.) Make sure that that the entry on the "Rollover of 401(k) to Roth IRA" page has nothing other than $4,584 in it. I would go so far as to either select that box and delete the entry there, allowing TurboTax to replace the value with its proposed $4,584, or delete the entire 1099-R and reenter it, making sure not to modify this particular entry when reentering.

Re: Form 1099-R Summary taxable amount error, Please help!

robots818 — Mon, 24 Feb 2025 15:54:35 GMT

Thanks a lot for the reply! I finally figured out that I had a typo in box 1($5237 instead of correct number $5273), box 2a was a correctly input. After I corrected box 1, everything seems right now.

Thanks again! I never would believe a small change in box1 could double the tax.

Re: Form 1099-R Summary taxable amount error, Please help!

dmertz — Mon, 24 Feb 2025 21:14:32 GMT

"I never would believe a small change in box1 could double the tax."

It makes no sense for TurboTax should to behave the way it did when you made that entry error, but TurboTax does sometimes do bizarre things when presented with conflicting information.