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February 6, 2024
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1099R

  • February 6, 2024
  • 2 replies
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I’ve a rollover IRA account with Vanguard and I plan to make some after age 59 ½ withdrawals. If I withdraw some amount each month this year. Will my 1099R show the individual withdraw amount or will it only show the total amount of the withdraw and the taxes withheld?

 

In TurboTax, will I need to enter the individual amount that I withdraw each month?

 

    Best answer by dmertz

    Box 1 of the Form 1099-R will show the gross amount distributed, including any amount withheld for taxes.

     

    You will receive a single Form 1099-R totaling all of the distributions you make from the account during the year.

    2 replies

    Employee
    February 6, 2024

    If you take money out of a retirement account during 2024, next year in early 2025 you will receive a 1099R that shows the total amount you took out of the account.  It will not be broken down by monthly amounts.

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
    dmertzAnswer
    Employee
    February 6, 2024

    Box 1 of the Form 1099-R will show the gross amount distributed, including any amount withheld for taxes.

     

    You will receive a single Form 1099-R totaling all of the distributions you make from the account during the year.