TurboTax Online will use the simplified method to determine the taxable portion for box 2a of your CSA 1099-R. Presume that:
- Monthly payments were received,
- Payments started in 2024, and
- That box 7 is code 7.
You will need to know:
- The amount of the employee contributions (should be in box 9b),
- The date the annuity started,
- The number of months that payments were received in 2024,
- The age of the recipient when the annuity started,
- The age of other beneficiaries (if there are any), and
- Was the recipient under the retirement age for the plan.
Follow these steps:
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- Click on the down arrow to the right of Retirement Plans and Social Security.
- Click to the right of IRA 401(k) Pension Plan Withdrawal (1099-R).
- At the screen Who gave you a 1099-R, select Office of Personnel Management (CSA 1099-R).
- At the screen Any Periodic Payments? select Yes, got regular payments from this retirement account.
- At the screen Payment Start Year select Yes, started getting payments in 2024.
- At the screen Let’s figure out how much is taxable, select I need to figure out how much of this money I took out is taxable.
- At the screen Enter Annuity Information enter required information. Plan Cost should be in box 9b.
- At the screen Enter Ages enter required information.