turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I keep getting asked to correct an error about an annuity that was funded by money already taxed so RMD is not required. How do I get Turbo Tax to stop claiming error when only interest is taxable not the distribution amount.

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
MarilynG1
Expert Alumni

I keep getting asked to correct an error about an annuity that was funded by money already taxed so RMD is not required. How do I get Turbo Tax to stop claiming error when only interest is taxable not the distribution amount.

If your 1099-R for your annuity shows a different amount in Box 2a than in Box 1, the Box 2a is used as the taxable amount.

 

Box 5 may show the amount of basis (after-tax funds) applied to this year's distribution.

 

Because all 1099-R are considered 'retirement distributions' you can get the RMD question.  Even though RMD is not required, you can answer that 'all or part of this distribution is RMD' and enter the total distribution amount as the RMD amount.  

 

Here's more info on 1099-R for Pensions, Annuities, Retirement

 

@DM761 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question