1099-R

[042816]

Excuse the spelling

[VolvoGirl]

You need to file a 1040X Amended return to add or change something.  How to amend 2020 return

https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-return/00/27439

[yaomingd65]

I have the same question. In my case, it says "Congratulations you don't have to pay extra tax", but the amount of tax I owe went up. I am using turbotax premier.  It feels the software is buggy.

[yaomingd65]

I found out that the contribution to traditional IRA has not been entered, that's why tax went up for me, after I enter the traditional IRA contribution, it gets fixed.  The problem is that traditional IRA is in later steps after 1099-R.

[asp2]

Which version of turbo tax has form 1099-(. Right now I almost completed the simplest form and never meet Q about 1099-R

[VolvoGirl]

All versions have 1099R.  Even the Free Edition.

The easiest way to get to the 1099-R entry screen is to simply search for 1099-R (upper- or lower-case, with or without the dash) in your TurboTax program and then click the "Jump to" link in the search results.

Enter a 1099R under

Federal Taxes Tab or Personal (Home & Business)

Wages & Income at the top

Then scroll way down to Retirement Plans and Social Security,

Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit

If you are filing a Joint return be sure to pick which person it is for.

Don't enter the bank or broker name and don't try to import it.  It is just as fast and easy to manually enter it.  At the bottom pick -  Change How I enter my Form

Then on the next screen pick I'll Type it in Myself

[DawnC]

When you get the message that says ''you don't owe EXTRA tax'', that is referring to the Early Withdrawal Penalty of 10%.   Ordinary income tax is still due on covid-related distributions.  Although the penalty 'extra' tax is waived, you have to choose to pay the ordinary income tax either on your 2020 tax return or you can spread it over three years (2020-2022).   If you elect to spread it, you only pay tax on one-third of the net distribution.   

Covid-Related distributions  

Every version of TurboTax allows the entry of Form 1099-R.   @asp2   

 Here's how to enter your 1099-R in TurboTax:

1. Open (continue) return if you don't already have it open.
2. Inside TurboTax, search for 1099-R and select the Jump to link in the search results.
3. Answer Yes on the Did you get a 1099-R? screen.
   • If you land on the Your 1099-R Entries screen instead, select Add Another 1099-R.
4. Select which option matches your form and Continue.
5. You can import your form directly from your financial institution by searching or selecting yours from one of the options on the screen. You'll be prompted to enter your financial institution account information, and TurboTax will directly import your forms.
   • If you prefer to type it in yourself, select Change how I enter my form and continue through.

You can add up to 20 1099-Rs.

@yaomingd65    After you enter the 1099-R, you will be asked a series of follow-up questions that must be answered before the refund meter will be updated.  

[bcampbell34]

NOT HELP FULL

[mneuner]

Well it’s too late for me. I filed as if my 1099R was a W2 form putting my gross on line 1 and it should have went on line 5a now it’s been under further review since April 12 and I finally found this out after months of trying to get help even through tax audit through deluxe and they had no clue 

[wey2]

My 1099-r

Fed taxable amt. box 2a

State 7boxes 16 thru 19 are zero. 

TT asks Discription- Subtract- addition

Not sure how to enter.

[DoninGA]

---

@wey2 wrote:

My 1099-r

Fed taxable amt. box 2a

State 7boxes 16 thru 19 are zero. 

TT asks Discription- Subtract- addition

Not sure how to enter.

---

Do not enter anything in boxes 17 thru 19 if you do not pay local income taxes, leave all boxes blank (empty)

Do not enter anything in boxes 14 thru 16 if there are no state taxes withheld in box 14.

[jon63]

I made a mistake on entering my federal withholdings and can't find where to correct it.

[DMarkM1]

You can "Edit" your 1099R form entries in the "Income" tab.  Scroll down to "IRA, 401K, pension plane withdrawals 1099R" and "Edit/add."  Select the 1099R you need update.  Entering withholding amounts will reduce your tax owed/increase your refund.

[VolvoGirl]

FYI - If you edit or review a 1099R it does not keep your answers from before but resets them to the defaults. Then you have to go through and answer them all again.   So be sure to go all the way to the end of the 1099R section.  They are right unless you go back.

[DPNJ]

Hello,

I am amending 2020 for spouse I for excess roth distribution.  I can't find where I add the form for the spice.  I'm in the amending process.

Thank you.