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1099R normal distribution from IRA with small basis

Sma
Level 2

I have entered a 1099r for the full amount and taxable amount per the form. They are both the same. The client has a small basis in the IRA from prior years which has been carried over .  After entering the FMV the Full amount of the IRA is properly reflected on the line 4a.  Line 4b shows 0. This is incorrect and I cannot seem to force the correct amount on 4b.  It seems like proSeries is automatically assuming distributions are non taxable for 2020. 

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6 Comments 6
abctax55
Level 15

There are many threads posting about a known issue with how PS is handling 1099-R's right now.

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
abctax55
Level 15

Altho this seems to say the problem is the opposite:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/100-taxable-ira-distrib...

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
Just-Lisa-Now-
Level 15
Level 15

Are you using Basic or Professional?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Sma
Level 2

Lisa I am using Basic

Just-Lisa-Now-
Level 15
Level 15
that seems to be the common denominator, Basic is having some issues with the 8606

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Just-Lisa-Now-
Level 15
Level 15
Ive reported it to the powers that be, still waiting for confirmation that this is on the radar with an open ticket for it to get fixed.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪