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Retirement tax questions
Yes, everything on a 1099-R is considered 'retirement income'. When entering your annuity distribution, if you have Codes 4 and D in Box 7, enter 4 on the first line, and D on the second line. Choose 'other qualified plan'. TurboTax asks if it's 'inherited'. It's all taxed the same anyway, unless there's a different amount in Box 2a.
If asked about RMD, enter an amount equal to or less than the distribution amount, unless you know the amount. Neither the IRS nor TurboTax knows what your RMD should be; they depend on you and your plan administrator to withdraw the correct amount each year.
Here's more info on 1099-R for Pensions, Annuities, Retirement.
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‎April 12, 2025
11:02 AM