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Retirement tax questions
I understand that you received a distribution from your IRA account and it is not listed on line 5(b) of your Form 1040 as taxable income, but it is taxable. You have to go back to your Form 1099-R entry and review everything to make sure you put the information in correctly from your 1099-R form, and that you answered all of the questions accurately in that section.
To review your Form 1099-R entry in Turbo Tax follow these instructions:
- Find the Retirement Plans and Social Security menu option
- Start or Update IRA, 401(k), Pension Plan Withdrawals (1099-R)
I also think you mean you made an IRA contribution and you want to know where to enter it in TurboTax. Here is what you need to do:
1. Start in the Deductions and Credits section of TurboTax
2. Find Retirements and Investments
3. Choose Traditional and ROTH IRA contributions
4. Work through that section to enter your IRA contributions
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