Question

My wife and I are retired. After I entered our 1099-R information, Turbotax then asks "What Did You Do With The Money From ..." Don't understand the options?

Forum|Forum|3 years ago
April 6, 2023
1 reply
0 views

The 2 options are, "moved the money to another retirement account (or returned it to the same retirement account." Or, "did something else with it (cash out, etc.).

I don't understand the questions. We just simply receive pension payments.

TurboTax Online

DaveF1006

In this case, you will indicate you did something else with it (cash out). The only reason why this question is asked is so Turbo Tax can determine if this distribution is taxable or not, which it is unless you contributed this money to another qualified retirement account.

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