topic Re: 1099Rs in Retirement tax questions

1099Rs

Rambo70 — Mon, 03 Feb 2020 19:43:17 GMT

I receive 1099Rs from my pensions, annuity, and traditional IRAs. When entering the data into Turbotax from the 1099Rs, Turbotax asks whether the plan is a "Qualified Plan" or "Non Qualified Plan". I don't know the answer. Where on the 1099R does it state whether it's a Qualified Plan or not? Or do I need to ask the plan administrator?

Re: 1099Rs

BarbaraW22 — Mon, 03 Feb 2020 20:12:36 GMT

Your 1099-R will not state whether your retirement plan is a qualified plan. You will need to contact your program administrator.

A qualified retirement plan meets IRS requirements and offers certain tax benefits. Some examples of qualified retirement plans include 401(k), 403(b), and profit-share plans.

Please see this TurboTax Article for more information.

Re: 1099Rs

donibeza — Thu, 06 Feb 2020 18:07:22 GMT

If I chose "qualified plan" for my military retirement when filling out info for 1099-R should I file an amended return? Also, how will that impact the outcome of my return?

Thank you

Re: 1099Rs

JohnB5677 — Thu, 06 Feb 2020 19:22:45 GMT

If you selected a Qualified Plan for your Military retirement you would have been correct. With that being the case you do not have to file an amended tax return. And finally, your return is correct just as it is and it will not change based on this concern.