JotikaT2
Employee Tax Expert

Retirement tax questions

It depends.

 

If you have a 1099-INT, then you must have had interest income generated on the money you inherited.  If this is accurate, you would report that as interest income on your tax return.

  1. Log back into TurboTax and go to the Federal interview section of the program.
  2. Select Income & Expenses
  3. Scroll down to All income
  4. Select Interest on 1099-INT
  5. Proceed to enter the information as reported to you on the 1099-INT form.

As for a 1099-R, this form represents distributions from retirement accounts and could be taxable depending upon the type of retirement account.  This would also be reported on your tax return in the following section of TurboTax.

  1. Select Income & Expenses 
  2. Scroll down to All Income 
  3. Select show more to the right of Retirement Plans & Social Security 
  4. Select start/revisit to the right of IRA, 401(k), Pension Plan Withdrawals (1099-R) 
  5. As you enter your 1099-R information, be sure to fill out the state section.  The program will then answer any questions as it relates to that particular 1099-R.
  6. To enter additional 1099-R forms, simply select +Add Another 1099-R.

1099-R

 

Essentially, you would report any income that is generated from the assets you have inherited.

 

@julzp671

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