Form 1099-R is used to report the distribution of retirement benefits such as pensions, annuities or other retirement plans.
Pension and annuity distributions are usually made to retired employees, disabled employees and in some cases to the beneficiary of a deceased employee. Rollovers are a direct transfer moves retirement funds from one custodian to another, typically without paying taxes on the money transferred.
- Direct transfers are typically identified on Form 1099-R by using either the G or H distribution codes in box 7.
- Indirect rollovers occur when the owner of the account takes possession of the retirement funds and re-deposits them into another qualified retirement account.
If you received a Form 1099-R it is likely to report a distribution from your retirement plan. You should enter Form 1099-R into Turbo Tax exactly as it is shown.
Here's how to enter your 1099-R in TurboTax:
- Open or continue your return in TurboTax and select Search
- Enter 1099-r and select Jump to 1099-r
- Answer Yes and continue to either import, upload, or manually enter your form
- Open or continue your return in TurboTax and select Search
- Enter 1099-r and select Jump to 1099-r
- Answer Yes and continue to either import, upload, or manually enter your form
- Open or continue your return in TurboTax and select Search
- Enter 1099-r and select Jump to 1099-r
- Answer Yes and continue to either import, upload, or manually enter your form
Another way to enter your 1099-R:
- Login to your TurboTax Account.
- Click "Federal" from the left side of your screen.
- Scroll down to "Retirement Plans and Social Security" and click "Show more"
- Scroll down and click "Start or Edit/Add" next to "IRA, 401(k), Pension Plan Withdrawals (1099-R)"
Click here for when to use a Form 1099-R.
Click here for where to enter your Form 1099-R
Click here for the instructions for Forms 1099-R.
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