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New Member
posted Feb 2, 2024 1:20:05 PM

DE asks if Lump Sum distribution is included in fed income (is that income from fed gov or my income claimed on fed return) is dist on 1099-R a lump some distribution?

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1 Replies
Expert Alumni
Feb 7, 2024 12:56:45 PM

Yes, a Lump Sum Distribution is reported on form 1099-R.  You receive Form 1099-R when you receive a distribution of more than $10.  A Lump Sum Distribution means that all of the money from this one account was distributed in a single payment.  It is asking if this income is claimed on your federal return. Basically, did you enter the form 1099-R on the Federal tax return. 

 

 For more details, click on this link;  What is a Lump Sum Distributions

 

Here's where to enter your 1099-R in TurboTax:

  1. Open or continue your return.
  2. In the Federal section, select Wages & Income.
  3. Scroll to locate Retirement Plans and Social Security.
  4. Select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R).

TurboTax will ask questions along the way that will determine the tax treatment of the Lumb Sum Distribution so answer questions carefully.