Retirement Income Posting -

6 replies
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Why can't we put our retirement income from a defined benefit state pension plan into Turbo Tax Deluxe? Form 1099-R.

Level 15

The IRS is drafting new 1099R forms. Then the software has to be programmed for them, and the IRS has to test and approve of the software. It is a complex process because of the all the CARES changes. It could even be a couple of months—sometime in January or even February. Meanwhile if you are trying to plan, if you have 2019 desktop (CD/download software) for 2019 use the what if feature- in Forms mode-but it will not have that CARES stuff.

You can also try using the Taxcaster tool:

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

There are a number of 2020 forms that are still being revised by the IRS. Click on the REVIEW tab to see what form(s) you are waiting for and when it is estimated to be ready (when operational ….and dates are subject to change) ...

IRS Forms Availability Table for TurboTax Individual (Personal) Tax Products

·

State Forms Availability Table for TurboTax Individual (Personal) Tax Products

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

X

xmasbaby0

Level 15

The software is not yet ready for it. The IRS is still drafting new forms for 1099R's. After the IRS gets the forms ready, the programers have to get the software ready, ant the IRS has to approve of the software. So you will have a bit of a wait to enter retirement income into your 2020 return.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

A

AEM1Author

Level 2

Is there any update on when we will be able to add information on income from retirement plans into Turbotax? It certainly does not help if the IRS is so slow in getting material ready that people cannot accurately plan extra charitable giving for the tax year.

Is it the same situation for entering information on mortgage interest? The form is not yet ready in Turbotax?

X

xmasbaby0

Answer

Level 15

The IRS is drafting new 1099R forms. Then the software has to be programmed for them, and the IRS has to test and approve of the software. It is a complex process because of the all the CARES changes. It could even be a couple of months—sometime in January or even February. Meanwhile if you are trying to plan, if you have 2019 desktop (CD/download software) for 2019 use the what if feature- in Forms mode-but it will not have that CARES stuff.

You can also try using the Taxcaster tool:

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

There are a number of 2020 forms that are still being revised by the IRS. Click on the REVIEW tab to see what form(s) you are waiting for and when it is estimated to be ready (when operational ….and dates are subject to change) ...

IRS Forms Availability Table for TurboTax Individual (Personal) Tax Products

·

State Forms Availability Table for TurboTax Individual (Personal) Tax Products

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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W28-70

Level 2

Is my 1099R the same as W2

do i put it under w2

macuser_22

Alumni - Champ

@W28-70 wrote:

Is my 1099R the same as W2

do i put it under w2

No. In the Retirement 1099-R section.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**