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I received 32061 $ from Empower/ medstarhealth deferred comp… a 457b.. in 2024 and the TurboTax asks for their TIN so I want to declare it as income for 2024

 
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MonikaK1
Employee Tax Expert

I received 32061 $ from Empower/ medstarhealth deferred comp… a 457b.. in 2024 and the TurboTax asks for their TIN so I want to declare it as income for 2024

The company that issued distributions from your retirement plan is required to report those distributions on Form 1099-R, which will include their EIN/TIN. Payers are required to issue the forms by January 31, 2025.

 

You may be able to retrieve your Form 1099-R from the payer's website if you haven't yet received it in the mail. You will need the information shown on the form in order to complete the necessary entries in TurboTax to report the income properly. You might also be able to import the form into TurboTax - see the steps below.

 

Here's how to enter the information on your Forms 1099-R:

In TurboTax Online, under Wages and Income:

 

  1. Go to  IRA, 401(k), Pension Plan Withdrawals (1099-R)
  2. Answer Yes on the screen, Did you get a 1099-R?
  3. If you land on the screen, Review your 1099-R info instead, select Add Another 1099-R
  4. Answer any questions until you get to the screen, Let's import your tax info. Here you can choose how you want to enter your 1099-R
  5. If your financial institution is a TurboTax 1099 partner, you can import your form.
  6. Select your institution from the list and enter your sign-in credentials, then select Get my form to start the import process
  7. If you prefer to upload your 1099-R or type in the info yourself, select Change how I enter my form. On the next screen, select your preferred entry method
  8. Continue answering the questions to enter or review the info from your 1099-R

See this help article for more information.

 

Please see this TurboTax tips article for more information about Form 1099-R.

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