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1041: HOW TO REPORT 1099R THAT HAS A LOWER TAXABLE AMOUNT THAN BOX 1 WHAT DOES CODE D 2 MEAN?

Forum|Forum|5 years ago
June 11, 2021
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Best answer by MiJoMo01

Yes, that is what I finally did. Remember, the 1041 Estate and Trust Form does not show a 1099R in the forms selection. I finally had to manually hack it by putting in the amount of reduction between box 1 and box 2 as a negative figure in the "Other income" input line 8, and then line the reduced amount shows up in the right-side income on line 8

Thanks for your response.

qbteachmt

Level 15

Here is a Help article, with Codes:

https://proconnect.intuit.com/community/individual/help/proseries-form-1099-r-faq-s/00/4853

Don't yell at us; we're volunteers

Just-Lisa-Now-

Intuit Community Champion

Use the amount in the Taxable Income box.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Accountant-Man

Level 13

I report both in Other Income, line 8. i.e.,

Gross distribution $10,000

Less non taxable portion $-9,000

** I am "Elevating with Intention!"

M

MiJoMo01AuthorAnswer

Level 2

Yes, that is what I finally did. Remember, the 1041 Estate and Trust Form does not show a 1099R in the forms selection. I finally had to manually hack it by putting in the amount of reduction between box 1 and box 2 as a negative figure in the "Other income" input line 8, and then line the reduced amount shows up in the right-side income on line 8

Thanks for your response.

M

MiJoMo01Author

Level 2

I also put Code D - 2 on Line 8 to distinguish the character of the distribution.

qbteachmt

Level 15

If that code means this is from an annuity, there likely is basis or costs that explain the gross vs taxable difference.

More details always help.

Don't yell at us; we're volunteers

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