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I received 2 1099s for withdrawal from my IRA account (this was for the same withdrawal)- they have two different Federal ID numbers and different distribution amounts

I retired from the company (United States Postal Service - OPM) before I repaid the amount.  I was asked if I planned to repay and said "NO" and would received a 1099.  The OPM indicated it was an Annuity and received a 1099 with different taxable amounts.  The second 1099 is from "Thrift Savings Plan" .

Level 15

Retirement tax questions

You will enter each 1099R.  The TSP (or Thrift Saving Plan) you had a loan and did not pay it back, so when it was determined it was not going to be paid back, it is income to you (as it no longer has to be repaid).

The 2nd 1099R is the regular retirement now from the Postal service and you get monthly payments. 

When you enter each of these in TurboTax remember which one it is and answer the questions correctly that follow the 1099R, entry.  

 To enter pension and annuity Payments (1099-R)

  • Click on Federal Taxes
  • Click on Wages and Income
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Congratulations on the retirement.

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