Yes - you do need to report this income. You can enter the information from Form 1099-R in any of the online or desktop versions of TurboTax.
To enter the information from your 1099-R in TurboTax, please follow these steps:
- Click on Federal Taxes > Wages & Income [In TT Self-Employed: Personal > Personal Income].
- Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R).
- If you've already entered one (or more) 1099-Rs, you will see a screen Your1099-R Entries. Click on the link Add Another 1099-R.
- If you haven't already entered a 1099-R, you will see the screen, Your1099-R. Click Yes and then Continue.
- You can either import your 1099-R or click on the I'll type it in myself box.
- If you select to enter the information yourself, continue through the screens, answering the interview questions.
[Edited | 4/14/2020 | 7:33am PDT]
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