Calculate taxable amount on Form 1099-R

An Exclusion worksheet is 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).

By entering the amount on one of these lines, the program will lower the amount shown on Form 1040; otherwise, UltimateTax will calculate the total amount of the pension received (box 1 or box 2 of the 1099R) to be taxable. 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.

 

This information applies to all years of the UltimateTax software.