No, 403B plans are not considered IRAs. They are very similar to a 401K plan but can only be offered by tax-exempt organizations such as 501(C)(3) organizations or governmental-style organizations. They are what are called "Tax Sheltered Annuity" plans that both the employer and employee can contribute to. The link at the bottom can provide you with more information.
1099-R forms report to you the amount that was distributed to you from a qualified pension plan. You should enter the amount shown as follows:
- Click on Wages and Income
- Scroll down to IRA, etc., and click on Edit/Add
- TurboTax will ask if you received a 1099-R, click yes
- Click Continue
- If the issuing agency is listed on the page, you can try to import the information but you can also click below where it says "Change how I enter my form" and clicking there will give you the option of bringing it over from your institution or typing the information yourself, which is what most people do.
- It will ask who the 1099-R belongs to so click in the circle of the owner.
- Next will ask who gave it to you, most receive it from a financial institution.
- Then fill out the specific information as to name, identification number, address, and amounts.
When filling in the information from the 1099R pay close attention to Box 7 for the type of distribution. Entering the wrong distribution code could, under some circumstances, subject you to a penalty so please be sure the code is correct.
403(b) Plans
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