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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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Cynthiad66
Expert Alumni

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?

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.

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