I withdrew $10000 from my IRA. Of this I set aside...
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50larsone
New Member

I withdrew $10000 from my IRA. Of this I set aside 1500 for taxes, so I received 8500. How do I report this?

I am 62 yrs old
2 Replies
DoninGA
Level 15

I withdrew $10000 from my IRA. Of this I set aside 1500 for taxes, so I received 8500. How do I report this?

If this distribution was in 2019 then you should have received a Form 1099-R from the plan in January 2020.

 

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

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

VolvoGirl
Level 15

I withdrew $10000 from my IRA. Of this I set aside 1500 for taxes, so I received 8500. How do I report this?

You should have a 1099R for the withdrawal.    You can just type 1099R into the search box at the top of your return, then find and it will give you a Jump To link to go right to it.


OR Enter a 1099R under
Federal on left
Wages & Income at top
Then scroll way down to Retirement Plans and Social Security,
Then IRA, 401(k), Pension Plans (1099R) - click Start or Update


If you get the screen of partners you can import from click the bottom circle for I'll type it in myself - Continue
The next screen should be What Type of 1099R is this? With 4 choices. Pick the right kind you have.
And on the same screen you pick which person it is for if you are married.

 

The tax withholding is in box 4.  Be sure to enter it to get credit for it.  

The IRA withdrawal will show up on 1040 line 4a and 4b.

The tax withholding will go to line 17 with any other withholding like from W2 wages.

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