I entered a 1099R that was a fully taxable IRA distribution and entered code 7 with the IRA box checked, the program picked up the gross amount but totally ignored the taxable amount, which was the same as the gross and I entered the amount. The 1040 shows the gross amount of only two IRA's, which includes the one above, but does not include the 2nd one in the taxable amount.
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Does the client have some IRA basis from a non deductible IRA contribution in prior years maybe? That could adjust the current IRA distribution making it non taxable. Look for the IRA worksheet and see if some basis is sitting in there.
Does the client have some IRA basis from a non deductible IRA contribution in prior years maybe? That could adjust the current IRA distribution making it non taxable. Look for the IRA worksheet and see if some basis is sitting in there.
I had an IRA for a client show up as partially tax free and I knew of no known reason for it and discovered somehow an amount had gotten entered on a prior year 8606 in error causing the problem, which I easily fixed. This was a first year client that I converted the prior year from Turbo Tax to work on it in Proseries Basic.
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