I have income from cashing out a Ira rollover how do I report this

Forum|Forum|2 years ago
January 25, 2024
2 replies
21 views

I have an email from the company stating the amounts paid and tax witholdings

TurboTax Free Edition Online

DoninGA

Level 15

The email is not sufficient. You need a Form 1099-R from the plan administrator of the account. The Form 1099-R is normally sent in January or early February. There also may be access to the Form 1099-R on the plan's website.

To enter, edit or delete a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
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

JulieS

Level 15

Yes, you need to report this income on your tax return. You do that by entering the 1099-R form that you receive from the payer.

Since you received an IRA distribution during 2022, you will get a 1099-R form. You may need to wait until the first week of February for this form.

To enter it in TurboTax:

Open your return.
Select Federal, then Wages & Income.
Scroll down to IRA, 401(k), Pension Plan Withdrawals (1099-R), under Retirement Plans and Social Security, select Start or Revisit to the right.
Answer Yes to Did you get a 1099-R in 2023?
Follow the screen instructions to enter the 1099-R form.
Answer the rest of the questions in the section.