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Level 1
posted Apr 3, 2024 2:16:50 PM

Seeing a 1099-R for the 1st time

Hi there, 

 

I see my brokerage account has been issuing 1099-R that I was not aware of. What am I supposed to do with this? What do I have to report when I do taxes using Turbotax? 

 

Thanks!

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2 Replies
Level 15
Apr 3, 2024 2:17:23 PM

To enter, edit or delete a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

 

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

 

On the screen Did you get a 1099-R in 2023? Click on Yes

On the next screen click on Continue

On the screen Let's import your tax info Click on Change how I enter my form

On the screen How do you want to add your 1099‑R? Click on Type it in myself

On the screen Who gave you a 1099-R? select the type of 1099-R you received and Continue

Expert Alumni
Apr 3, 2024 2:25:54 PM

A 1099-R reports distributions from retirement accounts. 

 

Enter the 1099-R as explained in the answer above. 

 

How the distribution is handled will depend on the answers you supply in the interview. 

(What type of account and distribution it is reporting and what you did with it)