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New Member
posted Apr 16, 2020 10:43:25 AM

John Hancock annuity income was incorrectly entered as salary. How can I correct this?

0 3 1250
3 Replies
Expert Alumni
Apr 16, 2020 10:59:44 AM

Delete the W-2 and then follow these steps below.

 

To Delete a Form

Open your return in TurboTax. 

In the left side bar, select Tax ToolsTools.

In the pop-up window Tool Center, choose Delete a form.

Select Delete next to the form/schedule/worksheet and follow the onscreen instructions

 

 

To enter pension and annuity Payments (1099-R)

•        Click on Federal Taxes (Personal using Home and Business)

•        Click on Wages and Income (Personal Income using Home and Business)

•        Click on I'll choose what I work on (if shown)

•        Scroll down to Retirement Plans and Social Security

•        On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

 

Returning Member
Apr 24, 2020 12:22:47 PM

My AGI is not right it says my income is $136 310. I'm far from that I maybe made 13,000 last year I need help bevause now om not eligable for my stimulius check or anything an will probably owe next year not fair im not happy right now please help me !!!!

Employee Tax Expert
Apr 25, 2020 9:52:48 AM

It depends.

 

Did you already file your tax return and was it accepted?

 

If so, you will need to file an amended return to correct it.  

See the attached link for instructions to help you amend your return. 

How to amend my return

 

If you have not filed your return yet, you can make the changes in the federal section of the program.

  1. Select Income & Expenses
  2. Scroll down to All Income 
  3. Scroll down.  Any areas where you have already entered information will say Edit
  4. Select these sections until you find your original input and make your corrections as needed.  It sounds like an extra zero or digit may have been entered resulting in the overstated Adjusted Gross Income