If you have a home equity loan, the interest you pay on that loan may be tax deductible. A 1099-R is received when you take money out of a retirement account (distribution) The 1099-R needs to be entered on your tax return. Based on your tax situation, the 1099-R distribution may be taxable to you. When you enter the 1099-R into TurboTax, TurboTax will ask you questions to help you determine if your 1099-R distribution is taxable.
