Turbo Tax Home & Business listings

[RB287a]

Just thought I'd share this in case anyone else runs into this same confusion.

This year while deciphering my RMD for 2023,  I checked back in 2022 personal taxes to see where my only RMD for 2022 was put on my return.

I first looked to the printed PDF file saved from 2022 tax yr, at form 1040SR on Line 4a. IRA distributions _____ .  There was nothing there.  I freaked thinking I had missed entering my RMD 1099-R for 2022.  However I did see an entry on 4b Taxable amount, but the amount was more than the IRA RMD 1099-R amount.  I started Turbo Tax Home & Business 2022 version and right clicked on the actual saved tax file.
In->Personal Income->Retirement Plans & Social Security->

                                                                                     IRA Pension Plan Withdrawals (1099-R)
It did show the RMD 1099-R being entered in here along with other 1099-R withdrawals that were not RMDs.  And really I admit not entering it on line 4a is no big deal as long as it's in the total amount entered on Line 4b.  But it is confusing to go back and look at printed PDFs that you would use to send to IRS if postal mailing.
In any case I now know I don't have to worry that I forgot to enter that 2022 RMD 1099-R.

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Turbo Tax for Home & Business has another confusing thing on entering K-1 interest income in Personal Income->Business Investment and Estate/Trust Income->Schedule K-1.
If you click the Update button it shows the K-1 interest income of .. say $100 entered here (and it stays here inside the Update button listing) but when you back out to the main

Personal Income->Business Investment and Estate/Trust Income->Schedule K-1 listing and look it shows a $0 amount listed beside the Schedule K-1 heading.
When I first did K-1s years ago I wondered why this was showing $0 when I just had entered $100 by clicking Update. I had to do some math to find out.

This was because Turbo Tax had chosen to list the amount (entered in the Schedule K-1 listing) instead to Personal Income->Interest and Dividends->Interest on 1099-INT. And if there was any other interest income there it was combined in this same listing in

Personal Income->Interest and Dividends->Interest on 1099-INT.
Say I had a Bank interest of $10 + K-1 interest of $100 = $110 this total was shown in Turbo Tax beside Personal Income->Interest and Dividends->Interest on 1099-INT.
But if you click into Update of the Interest on 1099-INT, it won't show the K-1 $100 interest amount entered here. It shows only the Bank Interest of $10. But if you do the math you'll see it's been combined with the K-1 interest in the total on main listing. Makes it confusing when looking at the main listing.

[tagteam]

Thanks for posting!

[Critter-3 · Accepted solution]

The RMD is not designated  anywhere on a personal tax return ... only the total distributions and the taxable portions are listed lines 4a & 4b.  Now if all of the distributions are taxable then nothing needs to be on line 4a.  Line 4a is only used if the amounts are different.   The IRS gets the RMD amounts from the IRA custodian on the form 5498 that is issued each year.  

[RB287a]

You are absolutely correct and thanks for pointing that out. After posting I went back Turbo Tax for Home & Business and saved another PDF with ALL worksheets included. It showed clear delination of the IRAs of all types in a print of each IRA's 1099-R.

Additionally on the 2nd segment of my Original Post about the LLC interest income listings on the displays within Turbo Tax for Home & Business. I understand it's no easy job for the Programmers to sort out all the delineations of the IRS tax code Forms so they would be totally clear on eacy display.
I posted this just to give others a heads up when looking for data they just entered inside the Update button and then outside the Update display it's showing $0.
The IRS tax code is like a huge dead dinosaur, you don't negotiate it very easily.