Yes, you need to report the 1099-R on your return. Here's how to do that in TurboTax Online:
- Sign in to your TurboTax account.
- Select Wages & Income.
- Select Start or Revisit to the right of IRA, 401(k), Pension Plan Withdrawals (1099-R), under Retirement Plans and Social Security.
- Answer Yes to Did you get a 1099-R in 2023?
- Follow the screen instructions to enter the 1099-R form.
- Answer the rest of the questions in the section according to your situation.
When you borrow from an insurance policy, or a retirement plan, a 1099-R is often issued if the loan isn't paid fully and on time, even if it's not your fault.
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