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tomy51
Level 2
February 11, 2024
Question

Incorrect Income Amount

  • February 11, 2024
  • 6 replies
  • 36 views

I entered my income which comes to around $130k but Turbo Tax is showing my income as $441,574.00. Be nice if I had that much income but I don't.

 

I have triple-checked my entries and it does not add up.

6 replies

SteamTrain
SteamTrain
Level 15
February 11, 2024

Well...how much pension income did you enter?

 

Like one 1099-R with perhaps ~32,000 of income?

OR did you do some pension rollover(s) with larger amounts that perhaps didn't get recorded as rollovers?

 

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
tomy51Author
Level 2
February 12, 2024

So I do have a pension 1099-R distribution that is greater than $32K, but fail to see how that would equate to $322K of income.

DoninGA
Level 15
DoninGALevel 15
Level 15
February 12, 2024

You need to edit the Form 1099-R that you entered to make sure an incorrect amount was not entered, or for a misplaced decimal point or for a comma entered for a decimal point.

VolvoGirl
VolvoGirl
Level 15
February 12, 2024

Do you have more than one 1099R?  Did you maybe roll over or convert a 401K to another plan?  

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