"Simple IRA Summary" ?

[j2kl-mitchell]

My wife closed out her remaining balance in her former employer's IRA retirement plan, about $60. We received a form labeled "SIMPLE IRA Summary" for 2018. Besides the check for closing out, also reports dividends and capital gains of $1.09. Does this need to be reported, and if so, where?

[Rachel_W · Accepted solution]

No, you did not need to include the dividends and capital gains reported on the SIMPLE IRA Summary Sheet for 2018.

If your wife closed out her SIMPLE IRA in 2018, she should receive a Form 1099-R reporting this distribution.  If she has not received one, she should contact the financial institution that held her SIMPLE IRA or she can try accessing the form by logging into her account online.

Once your wife has her Form 1099-R for the closeout of her SIMPLE IRA, please follow these instructions to input it in TurboTax:

• Login to your TurboTax Account 
• Click "Take Me To My Return"
• Click "Federal" from the left side of your screen
• Scroll down and click "Start or Edit/Add" next to "IRA, 401(k), Pension Plan Withdrawals (1099-R)" 
• Answer "Yes" to the question "Did You Have Any of These Types of Income?"
• Click "I'll Type it Myself"
• Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
• Click "Continue"
• From here TurboTax will walk you through entering your Form 1099-R