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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- Client receives 1099R from Life Insurance Co. this is listed as Normal distribution and a IRA.
Client receives 1099R from Life Insurance Co. this is listed as Normal distribution and a IRA.
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momma1
Level 3
10-16-2021
12:40 PM
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The 1099R document lists distribution as normal distribution and a IRA. The amount and taxable amount on 1099R are the same. Intuit tax program on page 1 pf 1040 is listing the distribution but is listing the taxable amount as 0. This client is 77 years old. Why is not listed as taxable income when the 10998R worksheet is listing the taxable amount.
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TaxGuyBill
Level 15
10-16-2021
01:04 PM
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Do you any Basis entered for the IRA (scroll down a ways on the 1099-R worksheet and there is a button to bring you to the Basis worksheet)?
