1040 Line 4a Proseries Basic

Software. Marketing. Training. Running your business.
#1
Jake  
Posts:
1393
Joined:
12-May-2014 3:19pm
Location:
Columbus, Ohio
"Line 4a IRAs, persons and annuities" - taxpayer has an 18,060 IRA and 5,527 in pension income.
The nontaxable portion of the IRA is $864. Line 4b is a correct $22,723, but using Proseries Basic line 4a shows $18,060.
Would not line 4a be 23,587 (18,060 + 5,527)?
Before I just override it I thought I would run this by you all.
 

#2
HowardS  
Posts:
2866
Joined:
21-Apr-2014 3:12pm
Location:
Southern Pines, NC
I've seen this too and you should not override it...it is ok as is.
Here's how one sw vendor describes it:
https://support.cch.com/kb/solution/000097345/Line-4a-and-4b-Presentation-in-a-1040-return

And from the 1040 instructions:
If your pension or annuity is
fully taxable, enter the total pension or
annuity payments (from Form(s)
1099-R, box 1) on line 4b; don’t make
an entry on line 4a.
Retired, no salvage value.
 


Return to Business Operations and Development



Who is online

Users browsing this forum: CaptCook, Gjkycpa, missingdonut and 25 guests