Retirement tax questions

Hopefully, you have an amount in box 9b.  If so, 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.