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Retirement tax questions
The question will appear when you enter your 1099R information.
- Open or continue your return.
- In the Federal section, select Wages & Income.
- Scroll to locate Retirement Plans and Social Security.
- Select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R)
- Or Social Security ( SSA 1099, RRB 1099)
- make sure you check the box in the 1099R indicating this is a distribution from an IRA.
- After the information has been entered on the 1099R, you will answer questions that follow. there will be a question asking you if you made non-deductible contributions to the IRA.
- Here say yes and then the next screen asks what the basis is as of Dec 31,2022
- After this question is answered, the next screen will allow you to enter the value of your IRA 12/31/2023.
- Here is what the screens should look like. Just remember to check the Box in the 1099R entry indicating this is an IRA.
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March 4, 2024
2:27 PM