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I used TurboTax this year after using HR Block previously.

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I used TurboTax this...

I used TurboTax this year after using HR Block previously. My 2016 and 2017 self-employment income, business expenses and deductions were almost identical, including that this year Ihad about $1K taxable income from a commercial annuity. Essentially NO difference between the years in taxable income, etc. TurboTax computed my 2017 tax liability to be almost three times what it was for 2016! Has tax law changed

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Could I have entered the 2017 1099-R incorrectly, or could it be the program? How can I find the problem?

Submitted: 24 days ago.Category: Tax
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Answered in 1 hour by:
4/1/2018
Tax Professional: Barbara, Enrolled Agent replied 24 days ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,798
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The only way to find the difference is to compare each tax return LINE BY LINE.

Once you do that, you will be able to find out why there is a difference.

Please let me know if I can assist you further.

Or upload the returns, and I will review/compare.

Thank you and best regards,

Barb

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Customer reply replied 22 days ago
Please clarify: Is the 1099-R I received considered for retirement income (Pension, IRA, etc.). Since my annuity was funded with after-tax money, could the program be considering it before-tax income?
Tax Professional: Barbara, Enrolled Agent replied 22 days ago

Yes.

There are specific questions to answer after entering the 1099-R information.

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Customer reply replied 22 days ago
What if I just list the 1099-R taxable amount (2a) as interest in the other interest/dividends section?
Tax Professional: Barbara, Enrolled Agent replied 22 days ago

You cannot do that. The IRS gets a copy of the 1099-R, and the information should be reported correctly.

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Customer reply replied 22 days ago
those questions to answer you mention above will definitely clarify that the distribution is non-taxable?
Tax Professional: Barbara, Enrolled Agent replied 22 days ago

If you answer correctly.

The 1099-R has listed a TAXABLE amount in Box 2.

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