I have a 1099-R for a Traditional IRA. Box 1 shows total distribution of $62,500. Of this amount, $50,000 was redeposited under the 60 day rule and has no tax consequence. I've adjusted Box 2A to reflect the taxable amount of $12,500. Distribution Code is 7. Once I check the IRA/SEP/SIMPLE Box, the entire amount of $62,500 becomes taxable. What am I missing?
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Do not adjust any entry on page 1 of 1099-r worksheet! Scroll down to second page, I believe, B1 or B2, should say amount of distribution rolled over--enter your $50K there
Do not adjust any entry on page 1 of 1099-r worksheet! Scroll down to second page, I believe, B1 or B2, should say amount of distribution rolled over--enter your $50K there
THANKS! It worked. I don't know if I would have ever found it. I had looked at the worksheets but just couldn't figure it out. You're a JEWEL for responding so quickly.
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