Support CenterCalculate taxable amount on Form 1099-R
🔍 Calculate taxable amount on Form 1099-R
This guide explains how the Exclusion worksheet on Form 1099-R affects how SureFire calculates what portion of your pension/retirement income is taxable on your Form 1040.
⚠️ Before You Begin
Have your Form 1099-R available so you can identify the amounts in:
- Box 1 and/or Box 2
- The Exclusion worksheet at the bottom of Form 1099-R
📊 Step-by-Step Guide
Step 1: Locate the Exclusion worksheet on Form 1099-R
Use this when you need to enter the amount that should be excluded from income tax.
There is an Exclusion worksheet located at the bottom of Form 1099-R which asks for the amount rolled over or the amount that is excludable from income tax (line 1 or line 2 of the exclusion worksheet).
Step 2: Enter the rollover or excludable amount on the correct line
Use this to ensure SureFire reduces the taxable amount on Form 1040.
By entering the amount on one of these lines, the program will lower the amount shown on Form 1040; otherwise, SureFire will calculate the total amount of the pension received (box 1 or box 2 of the 1099R) to be taxable.
Step 3: If there is an excludable amount other than a rollover, enter it on line 2
Use this when the amount is excludable but it is not a rollover.
If any other amount from box 1 or box 2 is excludable (other than a rollover) enter the amount on line 2 of the Exclusion worksheet.
📞 Still Need Help?
If you are having trouble, contact our support team:
Phone: 1-800-516-9442
Tags: federal,form