- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
TurboTax Online will use the simplified method to determine the taxable portion for box 2a of your CSA 1099-R. Presuming that:
- Monthly payments were received,
- Payments started in 2021, and
- That box 7 is code 7.
You will need to know:
- The amount of the employee contributions (should be in box 9b),
- The date the annuity started,
- The number of months that payments were received in 2021,
- The age of the recipient when the annuity started,
- The age of other beneficiaries (if there are any), and
- Was the recipient under the retirement age for the plan.
Follow these steps:
- At the screen Who gave you a 1099-R, select Office of Personnel Management (CSA 1099-R).
- At the screen Any Periodic Payments? select Yes, got regular payments from this retirement account.
- At the screen Payment Start Year select Yes started getting payments in 2021.
- At the screen Let’s figure Out How Much is Taxable, select I need to figure out how much of this money is taxable.
- At the screen Enter Annuity Information enter required information. Plan Cost should be in box 9b.
- At the screen Enter Ages enter required information.
View Federal 1040 tax return line 5a and 5b at Tax Tools / Tools / View Tax Summary / Preview my 1040.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 30, 2022
3:30 PM