topic What to entering 1099 information in Turbo Tax in Retirement tax questions

What to entering 1099 information in Turbo Tax

icepurple — Tue, 15 Sep 2020 16:19:13 GMT

Hello! I am entering my pension information. 1099-R into Turbo Tax. I am stuck on the section where I have entered the information from the form. The whole amount is taxable. There is amount in box 1. Box 2 is blank. Box 7 has code 7. I have been getting regular payments for over 2 years now. These questions never came up in turbo tax previously. I check last year forms. There is nothing referring to simplified and general rule. I don't know how to fill out this info or where to get this information. No one died, no tax free payments, What start date. I didn't have to fill this out before. Why can't the taxable amount just be taxed and keep it moving? I do not know how to complete these questions and are they necessary. Where to get this information from? It is not provided anywhere. Will I need these questions every year? This is just a regular monthly pension.

Annuity start date
Plan Cost
Number of Months payments were received in 2019
Tax Free amount previously recovered
Death Benefit Exclusion

Re: What to entering 1099 information in Turbo Tax

Critter-3 — Tue, 15 Sep 2020 16:28:26 GMT

Stop ... start that section again ... delete the 1099-R and reenter from scratch ... this time simply enter the box 1 amount in box 2 since it is fully taxable ... then in the follow up questions, if asked just say the entire distribution was the RMD ... then life will be beautiful again.

Re: What to entering 1099 information in Turbo Tax

dmertz — Tue, 15 Sep 2020 17:05:18 GMT

If you do choose to make entries under the Simplified Method, entering $0 for Plan Cost and Death Benefit Exclusion should result in the entire amount being treated as taxable, regardless of what you do with the other entries.