Skip to main content
Level 1
February 13, 2024
Question

1099-R that is taxable...not showing as such on 1040

  • February 13, 2024
  • 4 replies
  • 12 views

Just need to bounce this off others...Have a client...HOH...45 years of age, AGI is 27841...She took a total IRA distribution shown on her 1099-R...amount only 1671..both gross and taxable...Had taxes witheld $167.10. Distribution code 1 with IRA checked (early distribution no exceptions). Fully qualifies for HOH...daughter lives with her...turned 17 in 2023....no problem on any due diligence...my question/problem is....Proseries is showing her distribution on 4a of 1040....but on 4 b it is showing 0 taxable....and there is no 10% penalty calculating either on schedule 2...did I miss some new ruling on distributions? this should be taxable .   Any input is helpful....But if you find this too silly of a question....scroll on by...I also did update my software this morning....to make sure it was all current.  I have found that if i "Uncheck" the IRA/SEP/Simple box....it carries the taxable amount to line 5b....and it does calculate the 10% penalty on line 8 of schedule 2.....this seems like a software problem....but at this moment....I am unsure.  

    This topic has been closed for replies.

    4 replies

    dkh
    Level 15
    February 13, 2024

    I did a test return with 45yr taxpayer  1099R box1 and 2a same amount  code1 IRA/SEP/SIMPLE checked.   It shows amount taxable and penalty.

    Check the taxpayer's age.

    rbynaker
    Level 13
    February 13, 2024

    Check the IRA Info Wks.  If there's basis in the IRA you might need to enter FMV on 12/31 (which might be $0).

    ljr
    Level 9
    February 13, 2024

    check ira info worksheet for basis or value amounts input

    PATAX
    Level 12
    February 13, 2024

    double check everything applicable.