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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- 1099-R Code W is showing up as taxable even when I put zero in box 2a - is that correct?
1099-R Code W is showing up as taxable even when I put zero in box 2a - is that correct?
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Mainecat
Level 3
03-11-2023
04:26 PM
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I have a 1099R with $100 in Box 1, $100 in Box 8 and zero in box 2a with a W in Box 7. I thought these were payments for purchasing qualified long term care ins and were nontaxable, but proseries is transferring the $100 from Box 1 to Form 1040 line 4b taxable IRA distributions. Am I missing a step or am I wrong and they are in fact taxable?
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Skylane
Level 11
03-11-2023
05:47 PM
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I agree that code w should not be included. It’s usually a charge against a policy for a rider like accelerated benefit. The insurer would be able to identify it. It’s a small amount so Id probably exclude it but let the client know it’s not certain.
If at first you don’t succeed…..find a workaround
