I hope I'm wrong about this but here goes.
I'm on the 'Your Income Summary 2024' page.
In the 'Retirement plans and social security' section.
The 2023 column shows $3,126 while the 2024 column shows $56,067.
When I expand (clicking update) the 401k line it shows my 1099-R entries. They add up to the $56,067.
When I go to the print center and view my 1040, line 5a (pensions and annuities), line 5b (taxable pensions and annuities) shows $3,126. Strange that it would be the exact amount from the previous year.
Is this an error?
Thank you.
the same amounts as the prior year on 1 and 2a would be likely if the payment is in the form of an annuity.
on the actual 1099-Rs does 2a total to the $3K+. if so that portion of your return is correct.
Last year I had 1 1099R. Box 2a totaled $3,125.76.
This year I have 3 1099Rs. Box 2a totals $56,066.61. They are as follows:
3125.76: distribution from a pension fund (not an IRA)
25,000: conversion from an IRA rollover account to a ROTH IRA
27,940.85: distribution from an IRA annuity
There are a couple of differences I noticed in the 1099Rs.
The 1099R for 3125.76 has box 2b (taxable amount not determined) and box 'IRA/SEP/SIMPLE' unchecked. The other two have both boxes checked.
Thanks
Ok. I think I finally figured it out. Line 4 are 1099Rs that use 401K/IRA funds (the first two on the list). While line 5 are 1099Rs that do not use 401K/IRA funds (the third on the list). What got me a little confused was the term annuities appears on line 5 and was NOT qualified with something like (non IRA).
Thanks for your help.