How does the 1099R affect your taxes? Do you get more back? If your gross amount is over 1000.00 and the taxable amount in 2a says 0.00.

[macuser_22]

You do not get money back for a 1099-R.   If box 2a is zero you do not pay tax on it.

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.]

[Sio1914]

Do i pay taxes back on this? 

[Sio1914]

If 2a is more than $2000.00?

[macuser_22]

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@Sio1914 wrote:

If 2a is more than $2000.00?

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You are posting to an old thread and have not provided any information other then box 2a.   The taxable amount is usually the amount in box 2a.

[nb146641]

if a person has only Railroad Retirement  do you get any refund on the taxes paid?

[ReneeM7122]

It depends.  Railroad benefits are generally not taxable but but the Tier 1 portion of your Railroad Retirement Annuity may be reduced by the amount of your Social Security benefit, so you may not receive more in total benefits.  This may affect your Federal tax refund.

For more information, visit

US Railroad Retirement Board

[kingtreavo]

Does a 1099-R take money from my tax return if 2a under 1,000

[xmasbaby0]

@kingtreavo We cannot answer that.   You just have to enter the 1099R on your tax return and let the software do your calculations.  You get a 1099R for taking money from a retirement account or money from a pension, etc.    We do not know if you took it out before you were 59 1/2 and could incur an early withdrawal penalty or not.   Just enter the data as it appears on the 1099R.   Then look at your Form 1040----the amount that was taxable will be on line 4b or line 5b depending on whether it was from a pension or from an IRA etc.

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

[VolvoGirl]

A 1099R is usually taxable  unless you rolled it into another IRA account within 60 days.  Did you have any withholding taken o out in box 4?   What is the code in box 7?  

[JamesG1]

The information displayed on IRS Form 1099-R Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans is reported to the IRS.

The IRS is expecting you to report this information on your IRS Form 1040.

Generally, an amount in box 2a will increase your taxable income.

An amount in box 4, box 14 or box 17 will reduce the balance of Federal and state income taxes owed.

However, the variety of distribution codes that may be found in box 7 can affect your tax return in many ways.

@kingtreavo

[kingtreavo]

I took it out before I turn 59

[kingtreavo]

Yea I have withholding taken out the code is 1

[VolvoGirl]

Code 1 is for an early distribution under 59 1/2.  Yes it will be taxable but you had tax withholding taken  out so that helps.  You will get credit for the withholding like from your W2 paychecks.   

[kingtreavo]

How much do you think I get the amount on 2a or code 4