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jdabbott1
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My wife transferred $1800.00 from her IRA directly into a money market. Where do I enter this transaction in my tax form?

 
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2 Replies

My wife transferred $1800.00 from her IRA directly into a money market. Where do I enter this transaction in my tax form?

You should have received a Form 1099-R for the withdrawal if made in 2023.

 

To enter, edit or delete a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

 

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

 

On the screen Did you get a 1099-R in 2023? Click on Yes

On the next screen click on Continue

On the screen Let's import your tax info Click on Change how I enter my form

On the screen How do you want to add your 1099‑R? Click on Type it in myself

On the screen Who gave you a 1099-R? select the type of 1099-R you received and Continue

My wife transferred $1800.00 from her IRA directly into a money market. Where do I enter this transaction in my tax form?

Was it to a regular account or to another IRA account?  It is probably a distribution.  She should have a 1099R for it. It will be taxable and a 10% Early Withdrawal Penalty if she is under 59 1/2.

 

Enter a 1099R under
Federal Taxes
Wages & Income
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start


Don't type the bank name or try to import it.
At the bottom pick - Change How I enter my Form
Then on the next screen pick - I'll Type it in Myself

 

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