Reporting distributions that were contributions

[K2retire]

My 1099-r.. box 2b is checked- taxable amount not determined....box 4 says... 88001375387 and box 7 says j.....

I only took out the contributions.... J says its an early distribution....when I enter the information on taxcut, it is treated as a huge penalty.. I don't see anywhere to report that it was simply a return of contributions.

The amount in box 4 doesn't make sense -- that is supposed to be the amount of tax withheld.

In TaxCut enter the information from the 1099-R into the 1099-R worksheet. This will initially show the full amount as taxable. Then open form 8606. On line 22 enter your Roth basis as $20,000. The program will now show the full amount as NOT taxable.

[Guest gzwick26]

thanks again for helpng... box 4 says 0.. thats the number or "code" going with it..... Is there an easy way to get to the form to enter the numbers you suggested? Thanks.

[K2retire]

The menu across across the top has a choice that says either "Forms" or "Open Forms". Make sure that "show all forms" is checked, not "show forms with data". Select the 8606, and scroll down to the appropriate line.

Or right click on line 15a of the 1040. Select "jump to related" then "Comes from 8606 line 7" then scroll down to line 22.

[Guest gzwick26]

Im trying to input the info. on the form and it won't allow me. It's a return of contributions but it makes it very difficult to enter the info.. thanks for trying to help.

[K2retire]

It let me do it, so there must be something else checked that is preventing it. You can always override an entry by right clicking in the field. But if you do that you won't be able to e-file.

[Guest gzwick26]

ok. thank you. I'll keep looking and trying.