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davephx
Level 2

Fed Tax withheld from 1099-R is on TT 1099 input but showing wrong credit = total tax

The TT input form 1099-R I have entered boxes 4 and 14 and has other current info for $33,000 Fed withhold on distribution code 7 (normal distribution) but it is showing up as a federal credit for taxes paid of a different amount

 

What is weird is the tax summary shows a total tax of $34,871 and the same amount paid in as $34.871!  The only payment I made is $33,000 via the 1099-R input form that shows 33,000.  It was odd it plugged the payment of exactly the tax due - highly unlikely!  No overpayment from 2019 applied.

2 Replies
davephx
Level 2

Fed Tax withheld from 1099-R is on TT 1099 input but showing wrong credit = total tax

OK somewhere it shows the 1871 difference as other payments and refundable credits.... have no idea where came from but searching - the quick zoom doesn't take me there.  I did defer about 500 maybe 517 in SE tax allowed... I also have the qualified business deduction of $14,081 but don't see how that generates a credit!

davephx
Level 2

Fed Tax withheld from 1099-R is on TT 1099 input but showing wrong credit = total tax

OK I found it!!  when I selected the deferral of SE tax it show only about $500 eligible but turned out much higher and after printing the 94 pages of return and worksheet shows the credit is the deferred SE tax just a much higher amount.

 

A few other minor issues I see but still going thru the printouts.  

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