Retirement tax questions

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

• Monthly payments were received, 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 2024, 
• 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.

In TurboTax Premium Online, follow these steps:

• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• Click on the down arrow to the right of Retirement Plans and Social Security.
• Click 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 No, I started getting payments in 2023 or a prior year.
• 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.

At the screen Let's get more information about your Required Minimum Distribution, enter the amount in box 1.  This response states that traditional pensions automatically fulfill the rules of an RMD.

IRS Publication 721 may help explain box 5 and other questions that you may have.