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Why did I get 2-1099-r’s and how do I file them with turbo tax? Before 591/2 and after 591/2?

 
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2 Replies
DawnC
Employee Tax Expert

Why did I get 2-1099-r’s and how do I file them with turbo tax? Before 591/2 and after 591/2?

Is one of the marked 'corrected'?  Did you get 2 distributions from your retirement account?  You'll get a Form 1099-R if you received $10 or more from a retirement plan.   You're required to report a 1099-R on your tax return, even if the distribution isn't taxable.    It is not uncommon to get multiple 1099-Rs.   

 

Enter each one individually and enter each form exactly how you see it.   TurboTax will properly report your retirement distributions on Form 1040.   

 

Where do I enter a 1099-R?   After you enter the first one, click the button that says +Add another 1099-R.   After you finish entering all of your 1099-R forms, you will be asked follow-up questions to ensure your income is reported correctly on your tax return.  

 

You can also find the 1099-R section using Search.  Open your return, enter 1099-r in the search bar, and select the Jump to 1099-r link.

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Why did I get 2-1099-r’s and how do I file them with turbo tax? Before 591/2 and after 591/2?

@Loki-898 

IF you started getting pension payments before age 59.5, then, In the year you turn 59.5, you get two 1099-R forms.

One for the $$ before 59.5, with box 7 containing a code 2.

Another for the $$ after 59.5, with box 7 containing the code 7.

 

You just go ahead and put both into the software separately, with the listed box 7 code for each, and carefully answer the follow-up questions.   Shouldn't be an issue (it wasn't for me)

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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