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1099R IRA

slwpw
Level 1

In Proseries Basic, has anyone noticed that 1099R   IRAs are not being taxed properly?  I have called Intuit 3 times with no resolution.

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9 Replies 9
TaxGuyBill
Level 14

Somebody else posted an error about a Roth IRA that was calculating incorrectly (which I confirmed)

I'm not sure if your problem is the same or different, but if you post details about what is going on, maybe we can figure it out (or confirm that it is the same problem).

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slwpw
Level 1

If I enter a 1099R that's NOT an IRA....it calculates correctly.   If I enter one that has the IRA box checked it doesn't tax it at all.   Note:  I didn't check the ROTH IRA box....but, the regular IRA box.  I hope that helps you figure it out.  I have tried my best to relay this info to Intuit but, they don't see it as a problem.

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TaxGuyBill
Level 14

That may be the same problem.  The Roth IRA was not being taxed, even with $0 Basis.  I didn't try it with a Traditional IRA, but it seems likely it is the same problem.

I did 'flag' a reliable Intuit employee/developer on the other post about it, and he said he would let the proper person know about it. 

But even after they realize it is a problem, the typical turn-around time is not very fast.  So you may need to wait it out until they fix it, or possibly even use overrides in the software to make it calculate correctly.

TaxGuyBill
Level 14

Wait, I just tested it and it seems to be working fine for me with a Traditional IRA.

Did you enter that the IRA has Basis, and therefore it is not taxing it?

 

If that doesn't apply, can you give details about the 1099-R so I can test it out?  What are in Boxes 1, 2 and 7?  Which boxes are checked?

slwpw
Level 1

No basis.....

1 - 4133.33

2a - 4133.33

2b  -  X

7   -  7

IRA  X

16 -  4133.33

15 - NC/101009937

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slwpw
Level 1

1 - 4133.33

2 - 4133.33

2b - X

7 - 7

IRA   - X

15 - NC/101009937

16 - 4133.33

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TaxGuyBill
Level 14

It is working for me (see pictures below).

Maybe try to delete the 1099-R worksheet and all other IRA worksheets.  Then enter it again.

 

1.jpg

 

2.jpg

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slwpw
Level 1

That is very strange...sigh.

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TaxGuyBill
Level 14

Double check the no Basis.  Maybe delete the Basis worksheet and check the 8606.

Based on someone else's post, I just tested it again adding $1 of Basis, and it now isn't treating any of it as taxable.

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/taxable-ira-distributio...

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