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@Bianco wrote:
I have entered 1099 r as taxable in Box 1 & 2 but 1040 is reducing the amount taxable, it should not?
Are you saying the amount in box 2a on the Form 1099-R is not the same amount that is on the Form 1040 on either Line 4b or Line 5b?
1. Why do you think that the amount on the 1040 is not the correct taxable amount?
2. After you entered the 1099-R data, did you go through an interview asking a series of questions about when the pension/annuity started, how many payments you have received, and a number of other questions that seemed irrelevant?
I have a small RMD from an inherited IRA but that income (even though it appears properly input) is not landing on line 4b as a taxable amount. Right clicking on it and selecting Override doesn't work. When I highlight line 4b and click "Control D" nothing happens.
A Form 1099-R for a distribution from an inherited traditional IRA will have the gross amount in boxes 1 and 2a, box 2b Taxable amount determined marked, code 4 in box 7 and the IRA/SEP/SIMPLE box marked. When asked, you must answer Yes when presented with the poorly worded question asking if you inherited the IRA from [Financial Institution].
If the IRA/SEP/SIMPLE box is not marked, the distribution is from some kind of account other than a traditional IRA.
I want to enter an explanation on form 4592 (?) about my excess RMD contribution.. It will not let me type in entry...How do I do that
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