turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

lew2017
New Member

Why is turbo tax picking up the gross proceeds amount rather than the taxable amount when calculating the taxable income?

I have indicated $46,524 as the gross distribution and $44,330 as the taxable amount.  Turbo tax is picking up the $46.524 on line 15b of form 1040.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Why is turbo tax picking up the gross proceeds amount rather than the taxable amount when calculating the taxable income?

OK, you need to go back and EDIT the 1099R first.  Make sure that box 2a is correct.

Then carefully go through the questions after the 1099R.  There is one question to watch for:

Do you want to use the amount in box 2a as the taxable amount or a different amount?

You need to answer you want to use box 2a.

Try this and post a comment if this works or not. 

View solution in original post

3 Replies

Why is turbo tax picking up the gross proceeds amount rather than the taxable amount when calculating the taxable income?

Do you only have this IRA distribution for 2016?  Box 2a was entered correctly in TurboTax?
lew2017
New Member

Why is turbo tax picking up the gross proceeds amount rather than the taxable amount when calculating the taxable income?

Yes, I completed both box 1 and 2 a with different numbers.  Turbo tax is picking up box 1 rather than 2 a  on form 1040.

Why is turbo tax picking up the gross proceeds amount rather than the taxable amount when calculating the taxable income?

OK, you need to go back and EDIT the 1099R first.  Make sure that box 2a is correct.

Then carefully go through the questions after the 1099R.  There is one question to watch for:

Do you want to use the amount in box 2a as the taxable amount or a different amount?

You need to answer you want to use box 2a.

Try this and post a comment if this works or not. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies