topic Re: distrubution from pension in Retirement tax questions

distrubution from pension

breeze098 — Fri, 07 Feb 2020 17:31:44 GMT

I take a monthly distribtion for my retirement account...in March (28th) of 2019 I took extra funds out which I sent back to my account on May 7 2019. On my 1099-R it shows the total distribution...how do I show that the extra funds were returned to my account within 60 days?

Re: distrubution from pension

DawnC — Fri, 07 Feb 2020 17:49:28 GMT

After you are done entering all of your 1099-Rs, you will be asked some follow-up questions. It is in those questions where you will indicate the funds were rollover to a qualified plan. go ahead and complete the retirement section and you will be able to input the details of the rollover.

Re: distrubution from pension

dapmsp — Wed, 02 Dec 2020 15:46:07 GMT

The disc I received a month ago did not have the retirement section, covering my pension and 401-k distribution. I need this for action this month on whether to take from the 401-k and for how much charitable giving to have this year.

Dwight Peterson

Re: distrubution from pension

xmasbaby0 — Wed, 02 Dec 2020 16:12:19 GMT

The retirement section will need updates---and the IRS is still drafting new forms for 1099R's. When the IRS has its forms ready, then the software has to be programmed and approved by the IRS. So there is no quick fix for this for you.

Re: distrubution from pension

dmertz — Wed, 02 Dec 2020 16:16:27 GMT

Until TurboTax makes the retirement section available in step-by-step mode, your only option is to make Form 1099-R entries in forms mode of the CD/download version of TurboTax. Since using forms mode to make entries invalidates TurboTax's accuracy warranty for the area where you make these entries, you'll only want to do this in the file with your simulated tax return. When preparing your real tax return you'll want to start fresh with a new file.

Be aware that 2020 TurboTax does not yet support Form 8915-E for reporting Coronavirus-Related Distributions.

Re: distrubution from pension

Opus 17 — Wed, 02 Dec 2020 16:48:19 GMT

@dapmsp wrote:

The disc I received a month ago did not have the retirement section, covering my pension and 401-k distribution. I need this for action this month on whether to take from the 401-k and for how much charitable giving to have this year.

Dwight Peterson

If your computer is connected to the internet, Turbotax will update itself several times over the next 2 months. Unfortunately we do not have a timetable for when any specific update will be made, it mostly depends on the IRS, who have to approve the official forms and also the programming changes before the changes are allowed to go live.

Re: distrubution from pension

Critter-3 — Thu, 03 Dec 2020 13:49:50 GMT

Availability tables will not have the 1099-R on them but watch for the 8915-E ...

IRS Forms Availability Table for TurboTax Individual (Personal) Tax Products

State Forms Availability Table for TurboTax Individual (Personal) Tax Products