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New Member
posted Jan 25, 2024 8:19:19 AM

I have income from cashing out a Ira rollover how do I report this

I have an email from the company stating the amounts paid and tax witholdings

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2 Replies
Level 15
Jan 25, 2024 8:22:11 AM

The email is not sufficient.  You need a Form 1099-R from the plan administrator of the account.  The Form 1099-R is normally sent in January or early February.  There also may be access to the Form 1099-R on the plan's website.

 

To enter, edit or delete a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Expert Alumni
Jan 25, 2024 8:27:33 AM

Yes, you need to report this income on your tax return. You do that by entering the 1099-R form that you receive from the payer. 

 

Since you received an IRA distribution during 2022, you will get a 1099-R form. You may need to wait until the first week of February for this form. 

 

To enter it in TurboTax:

 

  1. Open your return.
  2. Select Federal, then Wages & Income.
  3. Scroll down to IRA, 401(k), Pension Plan Withdrawals (1099-R), under Retirement Plans and Social Security, select Start or Revisit to the right.
  4. Answer Yes to Did you get a 1099-R in 2023?
  5. Follow the screen instructions to enter the 1099-R form.
  6. Answer the rest of the questions in the section.