TurboTax Online will use the simplified method to determine the taxable portion for box 2a of your CSA 1099-R. You do not have to compute all of the previous years to generate the 2024 taxable amount.
Presume that:
- Monthly payments were received,
- That box 7 is code 7.
You will need to know:
- The amount of the employee contributions (should be in box 9b),
- The date the annuity started,
- The number of months that payments were received in 2024,
- The age of the recipient when the annuity started,
- The age of other beneficiaries (if there are any), and
- Was the recipient under the retirement age for the plan.
Follow these steps:
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- Click on the down arrow to the right of Retirement Plans and Social Security.
- Click to the right of IRA 401(k) Pension Plan Withdrawal (1099-R).
- Select Add another 1099-R.
- At the screen Let's import your tax info, select Change how I enter my form.
- At the screen How would you like to upload your 1099-R, select Type it in myself.
- At the screen Who gave you a 1099-R, select Office of Personnel Management (CSA 1099-R).
- At the screen Any Periodic Payments? select Yes, got regular payments from this retirement account.
- At the screen Payment Start Year select No, I started getting payments in 2023 or a prior year.
- At the screen Let’s figure out how much is taxable, select I need to figure out how much of this money I took out is taxable.
- At the screen Enter Annuity Information enter required information. Plan Cost should be in box 9b.
- At the screen Enter Ages enter required information.
View Federal 1040 tax return line 5a and 5b at Tax Tools / Tools / View Tax Summary / Preview my 1040.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
