TaxAct uses the entries made for all Forms 1099-R to calculate the amounts that appear onLine 4a-4d of IRS Form 1040. If you think an amount regarding your retirement plan income is incorrect on Form 1040, review your Form 1099-R entries by following the steps below.
To enter or review Form 1099-R Distributions From Retirement Plans in TaxAct:
To change entries on Form 1099-R:If you change any of the key entries — including Boxes 1, 2a, 2b, 7 (both the numeric and alpha codes) and the IRA/SEP/SIMPLE checkbox — it may affect the outcome of your return.
For example, if the taxable portion of the distribution doesn’t appear on Line 4a, this may be because Boxes 2a and/or 2b aren’t properly filled out. You may also need to ensure the IRA/SEP/SIMPLE box is checked.
You may be asked additional questions related to the following:
In these instances, once you get back to the Form 1099-R Summary screen after entering all the Forms 1099-R, click continue. You’ll see only the additional screens if your entries indicate these forms are needed.