I’ve a rollover IRA account with Vanguard and I plan to make some after age 59 ½ withdrawals. If I withdraw some amount each month this year. Will my 1099R show the individual withdraw amount or will it only show the total amount of the withdraw and the taxes withheld?
In TurboTax, will I need to enter the individual amount that I withdraw each month?
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Box 1 of the Form 1099-R will show the gross amount distributed, including any amount withheld for taxes.
You will receive a single Form 1099-R totaling all of the distributions you make from the account during the year.
If you take money out of a retirement account during 2024, next year in early 2025 you will receive a 1099R that shows the total amount you took out of the account. It will not be broken down by monthly amounts.
Box 1 of the Form 1099-R will show the gross amount distributed, including any amount withheld for taxes.
You will receive a single Form 1099-R totaling all of the distributions you make from the account during the year.
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