Received an IRA

Forum|Forum|7 years ago
June 5, 2019
1 reply
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I already filed my 2016 taxes, but my ex-employer gave me an IRA check yesterday, which I deposited and did not cash out any part of. Do I need to amend my 2016 return?

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It depends on when the distribution was made, not when the check was deposited. In all likelihood, this was a 2017 distribution and would be reported next year.

If this was a 2016 distribution and you're just getting the check now, contact your employer's payroll or tax department to get a 2016 1099-R form, which should be reported on your taxes. Then do this:

In TurboTax, enter your 1099-R just as it is issued. When back at the summary screen, TurboTax will then ask a series of questions so the program can determine if the amount is taxable or not.

Anonymous

Answer

It depends on when the distribution was made, not when the check was deposited. In all likelihood, this was a 2017 distribution and would be reported next year.

In TurboTax, enter your 1099-R just as it is issued. When back at the summary screen, TurboTax will then ask a series of questions so the program can determine if the amount is taxable or not.