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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.

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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. 

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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. 

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