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idnoyme
New Member

What is a 1099-R?

I have a 401k with my company, do I have to file a 1099-R?
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What is a 1099-R?

A 1099R is received only if money was taken out (or a loan not paid back, from the 401K plan). 

If no 1099R then nothing for the 401K needs to be shown on your return. 

"Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. is used to report retirement benefit distributions (payments) from pensions, annuities, or other retirement plans."

The 1099R needs to be reported on your Tax Return.  

Depending what money was taken out for, it may or may not be taxable to you.

The 1099R will go under:

Federal Taxes

Wages and Income

Retirement Plan and Social Security

IRA, 401K, Pension Plans (1099R) you will click add or update. 

Then answer the questions asked after the 1099R is entered. 

TurboTax will then ask you questions regarding it to determine the correct tax on it.  

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