What information will I need to gather to report a distribution from my IRA account correctly on my 2018 taxes next year, I'm 68 years old so no age issues?

[IsabellaG · Accepted solution]

You're going to receive a 1099-R from the IRA account in 2019 for the amount received in 2018. All you do is report that distribution on your return. 

If it's a traditional IRA, it will be taxable, unless you made nondeductible contributions to the IRA  over the years.

If it's a Roth IRA, it would generally be nontaxable.

TurboTax will ask you all the relevant questions about your 1099-R in 2019 when you prepare your return. 

When you reach the age  of 70 1/2, you will be subject to Required Minimum Distribution rules (RMD) and you'll have to start getting minimum distributions from your retirement accounts. The company where your IRA is held will help you figure that out when the time comes. 

In the meantime, just keep the statements that you receive from your IRA account, and wait for the 1099-R in 2019.