I received a 1099-R with Box 7 coded as 4D which is correct it is for an Inherited Annuity Total Distribution.
In Federal it asks Where is this Distribution From? Select the Source of this Distribution.
I select "None of the above" because it is not a Qualified IRA or a Pension, it is an Annuity.
The program keeps switching it to "Pension/IRA distribution received before retirement age". I am well over retirement age!
This is not correct, but I don't know what to do. Does the software consider an Annuity an "Other qualified IRA distributions and private-source pensions"?
Of course the answer of "Pension/IRA....." flows into my Michigan State as a code "N-Other pension subject to Michigan tax".
I have other Inherited IRA's as well & those have been entered without any issues.
Any suggestions?
To clarify, where are these questions coming from? Is this a 1099R, CSA/1099R, or CSF 1099R? Also is the Box on the 1099R checked indicating that this is a IRA?
I am so sorry for the delay....we were traveling. I did get an answer to my question, thank you.
It’s a known bug. However, not all support people know about it. Supposedly, it will be fixed in a “future update.” I’ve been doing my taxes with TT for 10 years. Now looking for an alternative method.
I have this problem too, and cannot get out of this loop. What is the solution???
If you are using TurboTax Desktop the issue with code 4D has been fixed. Please make sure you updated the software. You might have to delete and reenter Form 1099-R.
For TurboTax Online the fix is expected by the end of the week.