Why is Box 16 blank on my 1099r?

@jdr41 If there is an entry in Boxes 14 or 15 on your 1099-R, TurboTax will expect an amount in Box 16. If Box 14 shows State Tax withheld, the Distribution Amount (Box 1) should be entered in Box 16.

What if Box 16 on w2 is blank?

Box 16: State Wages, Tips, and Like Income Wages subject to the state income tax will show up in Box 16. If you’re one of the lucky ones who live in one of the nine states with no income tax, your employer will leave Box 16 blank. Federal income tax will exempt some income that states will tax.

Does TurboTax handle AMT?

Most tax-preparation software programs such as Intuit’s (INTU) TurboTax, will automatically complete the Form 6251 and calculate the AMT for you. If you still prepare your own tax return on paper, the IRS has an AMT Assistant available on its website.

How does the AMT exemption change with inflation?

Thanks to changes made by Congress, each year the AMT exemption amount automatically adjusts with inflation. The AMT exemption is like a standard deduction for calculating the alternative minimum tax.

How to calculate your Alternative Minimum Tax ( AMT )?

Compare the Tentative Minimum Tax to your regular tax (Tentative Minimum Tax should be the line above your regular tax) to see how close you were to paying the AMT. Look for entries on lines 1-27, which adjust your taxable income for AMT purposes. For instance, you have to put various items back into your income,…

Are there any deductions you can take on the Amt?

Line 2a: Standard deduction or deductible taxes from Schedule A: In calculating the AMT, you cannot take itemized deductions for state and local income tax, real estate taxes and personal property taxes, even though these are deductible on your regular return.

Why is my Turbo Tax not working correctly?

Intuit (the Turbo Tax Company) has to get its product out to the stores in time. The only way for them to get the product to the store shelves and have it work correctly is to have people install the updates to the software before they file their returns. If you didn’t install the update, your return could easily have been wrong.