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Retirement tax questions
Here is how to report your 1099R.
1. Open TurboTax and Start Your Tax Return:
- Log into TurboTax and start a new tax return or continue your existing one.
- Navigate to the Wages & Income Section:
- From the main menu, select "Federal Taxes" (or "Income & Expenses" if you're using a later version).
- Under the "Income" section, find and click on "Distributions" or "Retirement Plans and Social Security" (the wording may vary depending on the version of TurboTax you are using).
Enter 1099-R Information:
- Look for an option that says "IRA, 401(k), Pension Plan" and select it.
- When prompted to enter information about your 1099-R, you'll be asked to input the details from the form.
Input the 1099-R Details:
- TurboTax will ask you to enter the information from your 1099-R form. This includes:
- Payer’s name and address (from the 1099-R form).
- Box 1: Gross distribution (this is the total amount).
- Box 2a: Taxable amount (this is usually the taxable amount from your military pension).
- Box 7: Distribution code (for military retirement, it typically shows "2" or "7," depending on whether it is an early or regular distribution).
Special Handling for Military Retirement:
- If you have a military retirement, TurboTax may ask if your distribution is from a military pension or a similar retirement plan. Select "Yes" if this applies to you.
Now since this was money that was paid to your ex-wife as alimony, you may exclude the taxable amount that is on Box 2A according to IRS Topic 452.
- Log into your account
- Select Wages and income
- Less Common income
- Miscellaneous Income, 1099-A, 1099>start
- Scroll to the bottom of the page to Other Reportable Income
- Other taxable income, answer yes
- Then give a brief description of the income and the amount listed.
- Once this appears in a summary screen, click on the Add Miscellaneous Income Item and
then record it as DFAS 1099R Income paid to ex-wife as Alimony in the dialogue box provided and record the taxable amount in Box 2A of the 1099R with a minus sign in front of the amount. Don't place a dollar sign in front of the amount.
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January 21, 2025
2:54 PM