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I do see a box where it shows "7" and then add the "4" BUT I do not see a place where it shows "I inherited this"
Click Continue at the bottom right side of the page, and you will see "I inherited this" on the next page.
I am in the Deluxe edition and it does not ask this???
Are you using TurboTax Download or TurboTax Online?
PC Download
Let me get the Download information to you. Most people use Online.
You are so helpful.
Thanks!
Here are the screenshots from TurboTax Desktop:
This will be entered without a penalty. Thanks for your patience.
WOW!
It took over 50% of it out in taxes. Would this be correct?
This would still be taxed as ordinary income. That could be correct depending on your total income.
If you look at the 1040 in forms view, are there any taxes on Line 16 associated with any forms (besides the one on the top line that isn't associated with a Form)?
No other taxes on line 16.
Is there a tax on Line 8 of Schedule 2?
If there is a tax on line 8 of Schedule 2, then an answer needs to be changed.
Enter that all of the RMD was received. If they ask for an amount, you could enter 5% of the amount.
Hi - I'm almost done with my taxes, but when I get to Federal Review in the TT program, it asks me to put a value into Box 2a Taxable Amount, but the 1099-R form does not have a value in the actual form. Box 2b Taxable Amount No Determined is checked. The program will not let me move forward without putting a value in and if I put in a (0) zero as TT suggests it changes the amount to not taxable, which is not correct. What do I put in there?
It depends on how you answer the follow up questions in the interview. Since this is an inherited IRA:
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