topic Why is my total retirement plan income being taxable in 2018 when in 2017 only 60%of it was taxable? in Retirement tax questions

Why is my total retirement plan income being taxable in 2018 when in 2017 only 60%of it was taxable?

jerfield — Sat, 12 Oct 2019 20:28:22 GMT

Re: Why is my total retirement plan income being taxable in 2018 when in 2017 only 60%of it was taxable?

DoninGA — Sat, 12 Oct 2019 20:35:17 GMT

The taxable portion of your retirement income is on the Form 1099-R that you received in box 2a. That amount is entered on a Federal Tax Return Form 1040 on Line 4b.

Look at your tax return.

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.

Re: Why is my total retirement plan income being taxable in 2018 when in 2017 only 60%of it was taxable?

jerfield — Tue, 15 Oct 2019 15:13:19 GMT

Sorry, your answer didn't help. The taxable amount was not determined on my 1099R

Re: Why is my total retirement plan income being taxable in 2018 when in 2017 only 60%of it was taxable?

DoninGA — Tue, 15 Oct 2019 15:25:41 GMT

@jerfield wrote:

Sorry, your answer didn't help. The taxable amount was not determined on my 1099R

If there was no amount entered on the Form1099-R box 2a, then the entire amount would be taxable.

What is the distribution code entered in box 7? Is the IRA/SEP/SIMPLE box checked?

Re: Why is my total retirement plan income being taxable in 2018 when in 2017 only 60%of it was taxable?

jerfield — Wed, 16 Oct 2019 19:08:05 GMT

There was no amount indicated in box 2a in all previous years either, but your Turbotax program came up with the taxable amount which was about 60% of the total amount. How did your program compute this taxable amount?

Re: Why is my total retirement plan income being taxable in 2018 when in 2017 only 60%of it was taxable?

jerfield — Wed, 16 Oct 2019 19:10:41 GMT

Distribution code in box 7 is 7-Normal Distribution

No. the IRA/SEP box is not checked.

Re: Why is my total retirement plan income being taxable in 2018 when in 2017 only 60%of it was taxable?

DoninGA — Wed, 16 Oct 2019 19:10:42 GMT

@jerfield wrote:

There was no amount indicated in box 2a in all previous years either, but your Turbotax program came up with the taxable amount which was about 60% of the total amount. How did your program compute this taxable amount?

Please contact TurboTax support for this issue.

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