To enter your 1099-R,
Federal Taxes (Personal if using Home and Business)
Wages & Income (Personal income if using Home and Business)
choose Explore on my own, if asked
scroll down to
Retirement Plans and Social Security
on the IRA, 401k, Pension Plans line, click start or update.
- marty1314 , Retirement Inc Specialist
To report income from a 1099-R
Go to Federal Taxes
Wages & Income
Retirement Plans & SS
IRA, 401(k), Pension Plan Withdrawals (1099R)
Click Start Box.
1099-R’s come in two versions. In the first version both box 1 and box 2a contain #’s. This means that the plan custodian has the information necessary to determine the portion of the gross distribution that is taxable. Enter both #’s, even if they are the same, and TT will put the amounts on your tax form on Lines 16a & b.
In the second version, box 2a contains the word “unknown” and box 2b is checked, meaning that the taxable amount is not determined. Once you indicate that (1) the funds are not from an IRA and (2) are not being rolled into another IRA account, TT will ask you when you started getting the payments and what is the “plan cost”; that is, the funds that you contributed.
TT will then ask you (1) if the annuity is covers more than one person and (2) your age when the payments started. Based on your answers to all of these questions, TT will compute the taxable amount that should have been in box 2a.
By the way, you only have to enter all of this information once. TT will include it in the data that it carries over each year.
Finally, play close attention to the Box 7 distribution code #. For example, this is where the plan custodian will indicate if the distribution is exempt from the 10% early distribution penalty.
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