Hi, need to enter 1099-Rs but Turbo Tax does not give option. Am under 65 but have taken required minimum distributions because accounts are inherited (death benefits).
Hi, need to enter 1099-Rs but Turbo Tax does not give option. Am under 65 but have taken required minimum distributions because accounts are inherited (death benefits).
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
Online editions -
On the screen Did you get a 1099-R in 2024? Click on Yes
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
You'll get a Form 1099-R if you received $10 or more from a retirement plan. You're required to report a 1099-R on your tax return, even if the distribution isn't taxable.
You can import or upload your 1099-R, or manually enter the information yourself.
Here's how to navigate to the 1099-R section:
TurboTax Online/Mobile: Go to 1099-R or go to the magnifying glass at top right and and search for and select 1099-R.
Inherited Accounts: When entering the 1099-R information, ensure you select the appropriate distribution code that reflects the inherited nature of the account. This is typically indicated as code 4 in Box 7 of the 1099-R form
Required Minimum Distributions (RMDs): Even if you are under 65, inherited accounts may require RMDs. TurboTax will guide you through the process of reporting these distributions accurately