1099-R - TurboTax Business

[Rocco1231]

Hello -

I am trying to upload, or even manually enter, a 1099-R that I received for a trust that I am the trustee for.  I cannot find the section to enter or upload the 1099-R.  I got to the forms part of the software and search for 1099-R, but nothing comes up.  When I simply type 1099- (without the R), the 1099-INT and 1099-DIV forms come up, but not the 1099-R.  What am I missing here?

On a side note, I did read somewhere that you have to use the "Other Income" section to enter a 1099-R, but even that section doesn't allow you to enter all the info from the 1099-R.  It doesn't allow you to enter tax exempt income from an inherited roth IRA, in which I received a 1099-R for.  Even if there is a workaround, why wouldn't TurboTax, as big of a company as it is, allow me to upload the 1099-R's in their business software?

Thanks,

Mike

[PatriciaV · Accepted solution]

Yes, you can enter the information from Form 1099-R in a trust return using TurboTax Business as follows:

Box 1/Box 2a: Go to Federal Taxes >> Income >> Other income or loss. Enter "1099-R Box 2a" as the description and the taxable amount from Box 2a. 

Box 4: Go to Federal Taxes >> Other >> Other Tax Withholdings. Enter the amount from Box 4.

Boxes 14 & 15: This is state information that should be entered on the particular state return. In most cases, there is a topic for state tax withholding.

The tax-exempt interest would be reported under Federal Taxes >> Income >> Interest Income, using the "Tax Exempt Interest" box. You are creating a "mock" 1099-INT to report this interest on the trust return.