Using Desktop version of TT 2024. Talked to the folks at Intuit Support and was told that line item 4b shows 403b withdrawals on 1040 form. Is that the correct line item or is it 5b? And is there a difference between a monthly or one time with drawl of my 403b in terms of how it is taxed? I may need to take out more for this year.
Line 4a shows the amount you took out of your retirement account (which could be an IRA, 401k, 403b etc) and 4b shows the amount that is taxable.
You will get a 1099R for the money you take out the 403b.
To enter your retirement income, Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.
403b goes on lines 5a and 5b. See 1040 instructions page 27. The support person was wrong.
Enter the 1099R exactly as shown. The little IRA/SEP/SIMPLE box between boxes 7&8 determines which line it goes on. If that box is checked X it goes in line 4.
No, there is no difference in reporting monthly or one time withdrawals. You will get one 1099R in January for the whole amount you took out in 2024.
Hi there again! Thanks for your quick reply! Seems that option does not allow anything to be entered until Jan 11 2025. Was instructed to go to FORMS near top beside the TT Delux Logo>found form: 1099-R (named it company). The FORM 1099-R Distibution from Pension, IRA etc appears to be usable for my 403b withdrawals. Had to make monthly and 1x withdrawals but form was a little intimitdating as I am used to TT presentation. Looks box 1 AND 2a need to be filled in. Box 7 1st code was entered as "7" for Normal Distribution. Is that for 1 time and recurring withdrawals? Does any other box need to be checked? I can't tell. Many thanks!
I almost done! thank you and happy new year!
Yes 1099R box 7 should be a 7. Then leave the little IRA box between boxes 7&8 BLANK, so it will go on 1040 line 5. Also enter any federal withholding taken in box 4 and state withholding box 14. And put the same amount as box 1 in box 16 for state distribution.