Retirement tax questions

TurboTax Online will use the simplified method to determine the taxable portion for box 2a of your CSA 1099-R.   Presume that:

• Monthly payments were received, 
• Payments started in 2023, 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 2023, 
• 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:

• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• You may need to click Add more income.
• Scroll down to Retirement Plans and Social Security, click on the dropdown menu.
• Click Start/Revisit to the right of IRA 401(k) Pension Plan Withdrawal (1099-R).
• 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 2023.
• At the screen Let’s figure out how much is taxable, select I need to figure out how much of this money I took out 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.

@alexander_sandra