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gebasden50
Level 2
March 11, 2021
Question

W2 Box 2

  • March 11, 2021
  • 3 replies
  • 6 views

I am a retired federal employee.  My form indicates it is a 1099-4.  Should I treat it as a 099-4 or s a W-2

 

 

Thanks. 

George

    3 replies

    VolvoGirl
    VolvoGirl
    Level 15
    March 11, 2021

    It's a 1099-R.  

    Enter a 1099R under
    Federal Taxes on left
    Wages & Income at the top

    Then scroll way down to Retirement Plans and Social Security
    Then IRA, 401(k), Pension Plans (1099R) – Click Start

    If you are filing a Joint return be sure to pick which person it is for.

    Hal_Al
    Level 15
    Hal_AlLevel 15
    Level 15
    March 11, 2021

    You mean 1099-R?

     To report retirement income, you enter your 1099-R.  Do not enter retirement income in the wage (W-2) section. 

     

    In TurboTax (TT), enter at:
    - Federal Taxes tab (Personal in  Home & Business)

     - Wages & Income

    Scroll down to:

    -Retirement Plans & Social Security

          -IRA, 401(k), pension Plans (1099-R)

    G
    gebasden50Author
    Level 2
    March 12, 2021

    No, I meant 1099-A

    I
    Irene2805
    Level 15
    March 12, 2021

    If you received a 1099-A it means that the lender has taken back the property.  Form 1099-A is not reportable on your tax return.  Quite often the lender will then issue a 1099-C for cancellation of debt.  Cancellation of debt is considered income.

     

    Please see this TurboTax Help article for more information:  What do I do with Form 1099-A? - TurboTax

    G
    gebasden50Author
    Level 2
    March 12, 2021

    Thank you.  That is exactly what happened.  However they have not sent us a 1099-C yet.  Appreciate your help.

    George

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