gg4tigers
Level 1
12-07-2019
05:25 AM
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1099-R show dollar amount taxable, but the 1040 form shows only a portion of that amount as taxable? what is the problem and can I override to equal taxable amount?
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qbteachmt
Level 15
12-07-2019
05:25 AM
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Does your client have Basis in Traditional IRA(s)?
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gg4tigers
Level 1
12-07-2019
05:25 AM
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Yes client has Basis in Traditional IRS
qbteachmt
Level 15
12-07-2019
05:25 AM
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Then the taxable amount has to be determined from all of the traditional IRA accounts, using the total Basis against the total FMV at year end, for the % of distribution(s) that is and is not taxable. You can do that math, and you can look at form 8606 to see how it uses the 1099-R data for that calculation.
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gg4tigers
Level 1
12-07-2019
05:25 AM
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Thanks, I will see if I can still do the math, been depending on software for a long time.
qbteachmt
Level 15
12-07-2019
05:25 AM
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You make the entries and the form does the math.
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Don't yell at us; we're volunteers
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