I have 2 1099 Rs and they total $17388. Both are box 7 code 4. One is not being taxed fully on line 4 of the 1040. Any thoughts?

Forum|Forum|5 years ago
April 11, 2021
4 replies
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ProSeries Professional

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Best answer by Just-Lisa-Now-

I thought I remember seeing earlier this season that the IRA basis on an 8606 was getting used against Code 4 in error....I havent had any with this situation so I dont have any first hand experience with it.

Just-Lisa-Now-

Intuit Community Champion

Does the client have some non deductible IRA basis on Form 8606 thats offsetting the taxable amount?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Camp1040

Level 10

Code 4 is due to death, there might be an amount in box 5, but generally the full amount of amount in box 1 should carry to the 1040 line 4.

Just-Lisa-Now-

Answer

Intuit Community Champion

I thought I remember seeing earlier this season that the IRA basis on an 8606 was getting used against Code 4 in error....I havent had any with this situation so I dont have any first hand experience with it.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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