How do I know which classification of retirement income to select on my retirement benefits deduction worksheet if I am 26 with a beneficiary IRA?

[ellprice94]

Options are:
- Not eligible for retirement deduction
-Bailey settlement
-Railroad/Social Security

[macuser_22]

Beneficiary IRA distributions are reported to you on a 1099-R with a box 7 code of 4.    You enter it in the Retirement - 1099-R section and nowhere else.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR  Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

[MarilynG1]

Try entering your 1099-R in the interview in TurboTax, rather than on the worksheet. 

Click this link for detailed info on Reporting an Inherited IRA.

Be sure to pay close attention to the follow-up questions after you enter your 1099-R.