ProSeries is defaulting to 100% taxable for IRA distribution when input is present for the taxable portion. What is needed to get the software to recognize the input?

Forum|Forum|6 years ago
June 1, 2020
5 replies
18 views

No text available

ProSeries Professional

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

You dont input a G if the form has a 7.

If they rolled some of it over, you need to scroll down to Page 2 of he 1099R worksheet and enter the amount that was rolled.

T

TaxGuyBill

Did you enter all of the codes in Box 7? What are the codes?

It is unusual to have a the "taxable" amount for an IRA because in most cases the custodian would not know the taxable amount, so the software does not look at it in most cases. In some cases the custodian would know, and the codes in Box 7 would tell ProSeries about those situations.

M

margowalkercpaAuthor

Level 3

The 1099-R has a code of '7'. The taxpayer recontributed most of it within the 60 day period after the distribution. When I add a 'G' in the second space, ProSeries shows 100% as the rollover.

T

TaxGuyBill

Does the 1099-R actually show anything in Box 2a or show code "G"? If not, don't enter that.

Scroll about 2/3 of the way down on the 1099-R worksheet, and there is an area for rollover information.

Sign up

Login with SSO

Let's get you signed in

Login with SSO