You'll need to sign in or create an account to connect with an expert.
Yes, you do have to post both 1099's, but they will be handled differently.
You can confirm this with a preview of your tax return.
See Boxes 4 a&b and 5 a&b for the posting of the retirement funds.
Some Other key numbers on your 1040 tax return are:
Line 15 - Taxable Income
Line 24 - Total Tax.
Line 25 - Withholdings.
Line 33 - Payments including Credits.
Line 34 - Overpayments.
Line 37 - Tax owed.
If this does not completely answer your question, please contact us again and provide some additional details.
The nontaxable income from the 401(k) must appear on Form 1040 line 5a but will be excluded from any taxable amount on line 5b. The taxable income from the IRA distribution will be present on Form 1040 line 4b.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
nomad
Returning Member
rhalexda
Level 2
mbdowty
Level 1
knownoise
Returning Member
TomG6
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.