On my OMB 1099R 2a shows Taxable Amount UNKNOWN. How much tax should I pay on this ?
02827
2 Replies
xmasbaby0
Level 15
Mar 13, 2025 4:26:45 PM
The software will calculate the tax owed--if any. "unknown" is there because the financial institution that issued the 1099R does not have any way to know what other taxable income you received.
spuk00
Level 2
Mar 13, 2025 8:09:23 PM
You will use the simplified method. When entering your 1099-R, next to the taxable amount is a learn more link. click on that, scroll down until you find the simplified method link. Click on that and follow the instructions.