1099-R Problem

[willgal]

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?

[Mike9241]

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. 

[willgal]

The codes are "D7"

[willgal]

And there is no "5B." It's just box 5.

[VolvoGirl]

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.  

[willgal]

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.

[DoninGA]

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@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.

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The amount in Box 2a on the Form 1099-R flows to the Form 1040 Line 5b.

[willgal]

OK. Got it.

[VolvoGirl]

As I said the gross amount from 1099R box 1 goes to 1040 line 5a.   The taxable amount in box 2a goes to 1040 line 5b.   Check line 5b.