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I am preparing a 2018 joint return which is on extension. The husband is age 52 and received two (2) Forms 1099-R with amounts reported in Box 1. Box 2a is blank on both forms and checkmarks are shown in both boxes on 2b. Federal and state withholding taxes are reported in appropriate boxes. Box 7 has a code J on both forms,
After entering the above information in the Basic ProSeries program the results show that the entire gross distributions are taxable.
Since no deductions were taken over the years for the Roth IRA contributions shouldn't the taxpayer be allowed to deduct those in arriving at the taxable amounts?
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You need to enter the total amount of Roth contributions and conversions. Your software doesn't magically know how much basis the client has.
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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Slava Ukraini!