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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29965
Experience:  Taxes, Immigration, Labor Relations
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I am a retired teacher in mo. The turbo tax software will not

Customer Question

I am a retired teacher in mo. The turbo tax software will not let me inter the income info from my form 1099-r. In theyour percentage of total distribution box. It should be 000 but it will not let me enter it. It wants to treat it as a Ira . Have not had this problem
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
According to TurboTax help support - following are steps to enter information from form 1099R following these steps and complete your tax return.To verify - your pension income should be on form 1040 lines 16a and 16b.1. When you have your return open, you will want to click on the Federal Taxes Tab2. You will then want to select the Wages & Income Sub-Tab3. Now press the Explore On My Own4. At this time, scroll down the page which should now show a list of available areas to visit5. Under the Retirement Plans and Social Security section you should now see the IRA, 401(k), Pension Withdrawals (1099-R) section. You will want to select the Start option to the right.6. You should now see a screen titled Your 1099-R and the radio option (circular 'check box') for Yes should be selected. You can now press Continue to input your 1099-R!.Let me know if you need any further help.
Customer: replied 1 year ago.
My retirement income is not an Ira. But. It wants to treat it as an Ira on the tax do I get around this.
Expert:  Lev replied 1 year ago.
On your federal tax return - the only difference between IRA and pension distribution is the place of reporting - IRA distribution is reported on lined 15a and 15b, but pension is reported on lined 16a and 16b.Otherwise - that should NOT affect tax calculations.The difference inn treatment is triggered by entry on 1099R screen - on line 7 there is a check box IRA/ SEP/ SIMPLE - if you check - that box - the tax preparation software will treat income as IRA distribution.So go back on 1099R screen and verify that box is NOT checked. Also - verify that box is not checked on your 1099R form.