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IRA distributions from prior year

Only counted 1/3 as income how do I enter that
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3 Replies

IRA distributions from prior year

Last years 1040 has section 5a $30,000 and 5b $10,000. Just trying to enter that in this. 

ThomasM125
Employee Tax Expert

IRA distributions from prior year

Your pension income would be reported on a form 1099-R. If you had $30,000 on box 5(a) on your form 1040, that would normally mean that you had $30,000 in box 1 of the form 1099-R. The $10,000 in line 5(b) would represent your taxable amount of the distribution as reported in box 2(a) on your form 1099-R.

 

 

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IRA distributions from prior year

You spread your distribution over 3 years.

The ability to enter the payment has not yet been implemented in TurboTax. It's form 8915-F scheduled for 3/31/22.   Once those forms are implemented you will visit the "Retirement" topic in the "Wages and Income" tab.  If you have Forms 1099-R for TY2021 distributions, you can enter them as usual. 

 

If not, you just select "NO" when asked if you received a 1099-R. 

 

At either point, you will then be asked about prior year "Disaster Distributions."  Follow the prompts from there to enter the second installment of your distribution.  

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