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Level 3

Pension Income shows up as $2,786,176 instead of $27,861.60

The totals were correctly entered into TurboTax, and the section by section totals that show as I proceed through the tool are correct.  But the running total of federal tax owed (at the top of the screen)  shows $1,003,810, so I knew something was wrong!  When I brought up the page entitled Here's a Picture of Your 2018 Income, I saw that the pensions line was wrong.

How do I correct this?  I can't electronically submit this with the wrong number.

Any help would be greatly appreciated.

1 Reply
Level 20

Pension Income shows up as $2,786,176 instead of $27,861.60

Obviously you left the decimal point out.  Go back and edit the 1099R.  

 

Enter or Edit a 1099R under

Federal Taxes on the left side

Wages & Income at the top

 

Then scroll way down to Retirement Plans and Social Security,

Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit

 

If you are filing a Joint return be sure to pick which person it is for.

 

If you edit or review a 1099R it does not keep your answers from before but resets them to the defaults. Then you have to go through and answer them all again.   So be sure to go all the way to the end of the 1099R section.  They are right unless you go back.