Where, if anywhere, does IRA distribution1099-R income ($850) for a 20 yr. old college student get reported?

It's the RMD on an inherited IRA. The student has no other income. I see info about Int. or Div. income, but not IRA distributions.

posted

Connect with an expert

1 Best answer

Accepted Solutions

Where, if anywhere, does IRA distribution1099-R income ($850) for a 20 yr. old college student get reported?

If that is the ONLY income he received in 2016, then it is NOT taxable.

If he is over the filing threshold (has a job or other taxable income), then the IRA distribution gets reported:

1. Go to Your 2016 Income Summary.

2. Go down to Retirement Plans and Social Security.

3. Click Start or Update by IRA, 401(k), Pension Plans (1099-R).

4. Click Add Another 1099-R.

Enter the 1099-R EXACTLY as you have it. It'll be calculated in with the college student's other income.

View solution in original post

1 Reply

Where, if anywhere, does IRA distribution1099-R income ($850) for a 20 yr. old college student get reported?

If that is the ONLY income he received in 2016, then it is NOT taxable.

If he is over the filing threshold (has a job or other taxable income), then the IRA distribution gets reported:

1. Go to Your 2016 Income Summary.

2. Go down to Retirement Plans and Social Security.

3. Click Start or Update by IRA, 401(k), Pension Plans (1099-R).

4. Click Add Another 1099-R.

Enter the 1099-R EXACTLY as you have it. It'll be calculated in with the college student's other income.

Still have questions?