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New Member
posted Apr 8, 2020 9:31:11 AM

W-2 line 1

Sir,

 

I am a former postal worker.

My statement if annuity shows I recieved 

line 1 Gross Distributution        $32556.00

line 2   taxable  amount                32075.88

line 4  fed income tax withheld    2248.32

Yet, I am asked to put in line 1 of W-2  which is wages tips other comp which is $166.75  and compared to last year the number is over $21,000.  And so far my refund is only $50.   I am at a loss and not sure if I am on right track with so much difference in comparsion to last years numbers.... what am I missing filling out the online form..   Also I started investing in rental real estate and have a K-2 form ... where will I see link for that for the credit I will get for depreciation purposes?

reguards,

Bruce

 

0 1 259
1 Replies
Expert Alumni
Apr 8, 2020 9:55:20 AM

Your gross distribution from your annuity account would be reported to you on a 1099-R.  Accordingly, in TurboTax, you would enter this information as a 1099-R and not as W-2 (wages) by following these steps:

  1. While in your Tax Home,
  2. Select Search from the top right side of your screen,
  3. Enter 1099-R,
  4. Select Jump to 1099-R,
  5. Follow the On-Screen Prompts to complete this section.

For your K-1 that you received on your investment rental properties, you would enter it by following these steps:

  1. While in your Tax Home,
  2. Select Search from the top right side of your screen,
  3. Enter K-1,
  4. Select Jump to K-1,
  5. Follow the On-Screen Prompts to complete this section.