Adding 1099-R Increases Taxes a lot

[Dan-Lambert]

I am almost done with my taxes. I got a few more forms I needed to add (form 1099-Rs). I just imported a 1099-R into TurboTax from Janney Scott Montgomery to save me the trouble of adding it manually. The 1099-R is small (~$1500, with ~$200 of Fed taxes taken out) but after I imported it my taxes went from owing $400 Fed/refund of $800 state to owing $1500 Fed/refund of $500 state. I then deleted my imported 1099-R and it didn't change my Fed or State taxes. I then imported the 1099-R again and the Fed tax went up to $2400 and State refund is down to $250. None of this makes sense. I'd really like to go back to the TurboTax file prior to today. Is there any way to do this? It seems there is a mistake in calculating the 1099-R after importing. I just updated TurboTax before I started today so it is up to date.

[MarilynG1]

Sometimes the Refund Meter is not actually a very accurate indicator!  It can jump up/down because you made entries in a previous section and then moved to another section (especially if you move around in the program).

If you're using TurboTax Desktop and just updated, deleting the imported 1099-R entry was a good move.  Have you tried deleting it and re-entering it manually?

Be sure to enter Federal Tax and Code in Box 7, and pay attention to the follow-up questions after entering 1099-R fields.

Go to Forms and look at the 1099-R Worksheet and Form 1040; the numbers may be accurate there (not like the Refund Meter).

Click here for more info on How the Refund Meter Works.

Here's more info on How to Enter 1099-R. 

Remember, you can click on Online at the top, and 'Check for Updates' anytime.  Never a bad idea to clear Cache and Cookies either. 

[Dan-Lambert]

Marilyn, thank you for the quick and useful response. I exited TurboTax and saved the file as a new name. I reopened the older version of my tax file (without the 1099-Rs) and added the 1099-Rs manually. Everything worked like it should. 

I don't know if the problem was the import of the 1099-Rs or the inaccurate indicator or both. But it would be nice if TurboTax fixed this.