The retirement income or distributions are reported on form 1099R. Some retirements are fully taxable, partially, and/or non-taxable depending on the code located on line 7 of the form. The most common is code 7 which is normal distribution and is taxable to the taxpayer based on the income tax bracket. You may follow the steps below to enter the income in Turbo Tax.
- Login to Turbo Tax.
- Select Tax Tools, then Tools.
- Under Topic Search, type 1099-R, click go.
- Click continue.
- Choose Yes "Did you receive a 1099-R in 2020?".
- Next screen has six choices to select, select your best choice.
- Next screen "Let's import your tax" or click "Change how I enter my form".
- Click yes, "Do you want to add your 1099-R?".
- The next screen click I'll type it myself".
- Who gave you the 1099-R, you have 4 choices, select the best.
- Enter your 1099-R info provider
- Enter your 1099-R information.
