If you received
a 1099-R, the IRS will also have received a copy of this 1099-R. You will need to report this 1099-R distribution on
your tax return but none of it will be taxable. Just make sure that when
you are reporting this information into TurboTax that for the question
"What Did You Do With The Money From (your retirement fund)?", answer
"I moved the money to another retirement account (or returned it to the
same retirement account)" (see screenshot)
To enter
your 1099- R 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"
