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New Member
posted Sep 28, 2023 1:44:15 PM

IRA tax period

Are you forbidden to report a January distribution as prior year income?

0 2 737
2 Replies
Level 15
Sep 28, 2023 2:02:57 PM

If the actual distribution was in January of the year then you can only report the distribution on the tax return for the tax year of of the distribution, not the prior tax year.

Level 15
Sep 29, 2023 9:57:42 AM

You will receive a 1099R that shows the distribution from your retirement account.  They issue them in late January to mid-February, and the 1099R will show any distributions you received in the tax year.   You cannot change the year or use it for a different tax year.

 

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.