I have a disbursement from a 403b account that came from the post-tax distributions I have received over the past seven years. The total distribution was $70K but the taxable amount (box 2a) was only $55K. I have this entered correctly in my desktop Turbotax, BUT - the program keeps listing the entire $70K as my income. I've searched all over for a solution, but to no avail. Any ideas on a fix?
what codes in box 7, unless you are underage, the code should be 7 - normal distribution and are you sure you're looking at line 5b and not 5a, some screens will show the gross not the taxable amount.
Box 5a and 5b refers to the lines on your actual 1040.
If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 and make sure it’s right. For 1099R check 1040, the gross amount from 1099R box 1 is in 5a and the taxable amount is in 5b.
Thank you, but the screen for the 1099R has been filled out correctly, and the transferred amount onto line 5a of my 1040 is the gross amount (line 1 of the 1099R) instead of the amount from line 2a.
@willgal wrote:
Thank you, but the screen for the 1099R has been filled out correctly, and the transferred amount onto line 5a of my 1040 is the gross amount (line 1 of the 1099R) instead of the amount from line 2a.
The amount in Box 2a on the Form 1099-R flows to the Form 1040 Line 5b.