Yes.
Because you received two 1099-R(s), the IRS will also
have received a copy of both 1099-R(s). You will need to report both 1099-R
distributions on your tax return
If one
is a rollover distribution and one is a withdrawal distribution, the rollover
will not be taxed but the withdrawal maybe subject to tax and/or early
withdrawal penalty based on your particular situation. Both distributions will be reported on your tax return but only your withdrawal distribution will be taxable.
However, if you meet an exemption, you may be
able to avoid the 10% penalty for early withdrawals. See IRS Tax on Early Distribution from a Retirement Plan for information about these
exemptions.
To
enter your 1099- R(s) in TurboTax Online or Desktop (you may need to
upgrade to report these distributions), please follow these steps:
- Once
you are in your tax return, click on the “Federal Taxes” tab ("Personal"
tab in TurboTax Home & Business)
- Next click on “Wages and
Income”
("Personal Income" in TurboTax Home & Business)
- Next click on "jump to
full list" or “I’ll choose what I work on”
- Scroll down the screen until
to come to the section “Retirement Plans and Social Security”
- Choose "show more",
then IRA, 401(k),Pension Plans (1099-R) and follow the onscreen instructions
Please
note that all distributions will be reported on
your tax return (whether or not they are taxable) on Form 1040
on line 15(a) (or 16(a) but only the taxable
portion will show on your return as taxable on line 15(b) (or
16(b)).
To
preview 1040:
- Sign into https://myturbotax.intuit.com/
- Under Tax Timeline, click on
Continue your return
- Go to "My Account"
> "Tools"
- Under the Tools Center,
select "view tax summary"
- Select "Preview my
1040"
