☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Jan 14, 2024 12:02:02 PM

IRA distribution

retired and currently getting monthly IRA distributions which include reinvested dividends.  We are withholding State and Fed taxes.  Will we still need to pay additional tax on the dividends (will we get 1099-R and 1099-Div forms?

0 2 849
2 Best answers
Level 15
Jan 14, 2024 12:09:25 PM

You will not get a separate 1099-DIV for the dividends because the dividends are paid into the IRA. They are not paid directly to you. The 1099-R will show the full amount of the distributions that you received, and you will pay tax on that amount. (The taxable amount might be reduced if you made nondeductible contributions to the IRA.)

 

Level 15
Jan 14, 2024 12:10:21 PM

No.  You only get and report the 1099R.  You don't report Dividends, interest or buys and sells in IRA accounts.  

2 Replies
Level 15
Jan 14, 2024 12:09:25 PM

You will not get a separate 1099-DIV for the dividends because the dividends are paid into the IRA. They are not paid directly to you. The 1099-R will show the full amount of the distributions that you received, and you will pay tax on that amount. (The taxable amount might be reduced if you made nondeductible contributions to the IRA.)

 

Level 15
Jan 14, 2024 12:10:21 PM

No.  You only get and report the 1099R.  You don't report Dividends, interest or buys and sells in IRA accounts.