Retirement tax questions

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 2024, 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.

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 Yes, started getting payments in 2024.
• 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.