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Level 1

Can multiple IRA's be lilted in different lines on Form 1040?

I have two IRA's  One I downloaded from Fidelity and it is listed on my 1040 Form on line15b.  The other is from Thrift Savings Plan.  I entered it using the 1099R provided.  It is included on 16a/b, versus line15b.   Is this correct?  BTW, the IRA/SEP/SIMPLE box is not checked on the TSP 1099R.

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Level 1

Can multiple IRA's be lilted in different lines on Form 1040?

Yes, that is correct, the TSP is not considered an IRA. It is set up in the manner of a 401(k) where contributions are taken from your paycheck.

Since it is not considered an IRA then not having the IRA/SEP/SIMPLE box checked is correct for the TSP.

1 Reply
Level 1

Can multiple IRA's be lilted in different lines on Form 1040?

Yes, that is correct, the TSP is not considered an IRA. It is set up in the manner of a 401(k) where contributions are taken from your paycheck.

Since it is not considered an IRA then not having the IRA/SEP/SIMPLE box checked is correct for the TSP.