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Retirement tax questions
@JamesG1 answered your question in great depth.
"TurboTax Online will use the simplified method to determine the taxable portion for box 2a of your CSA 1099-R."
If you have sufficient information to use the simplified method, the program will calculate the nontaxable portion. If you do not, it is all taxable.
"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."
‎April 3, 2022
4:17 AM