Received an IRA

joneslori975 · ‎June 4, 2019

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?

KenH1 · ‎June 4, 2019

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.

View solution in original post

KenH1 · ‎June 4, 2019

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.