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February 2, 2021
Question

Where should I be entering the income on two 1099-R forms?

  • February 2, 2021
  • 1 reply
  • 0 views
one 1099-R form is distribution from a Roth IRA and
the other 1099-R form is my first state pension check which is excluded according to the three year rule.

1 reply

RayW7
February 2, 2021

Enter each 1099-R separately.  TurboTax will guide you through entering each box on the 1099-R including what is taxable an what is not taxable. 

 

To enter 1099-R information-

Go to Personal Income, Retirement Plans and Social Security, 1099-R then Visit All.

 

Form 1099-R is used to report the distribution of retirement benefits such as pensions and annuities. You should receive a copy of Form 1099-R, or some variation, if you received a distribution of $10 or more from your retirement plan.

 

Retirement benefits are basically an extension of compensation arranged by the employer and employee. Income taxes on most retirement plan contributions are deferred, meaning that income tax is not paid on contributed funds until they are withdrawn by the taxpayer.

Pension and annuity distributions are usually made to retired employees, disabled employees and in some cases to the beneficiary of a deceased employee.

  • If no after-tax contributions were made to the pension plan before distribution, the entire amount is generally included in taxable income.
  • However, in cases where after-tax contributions were made to an annuity or pension, only a portion of the distribution will usually be taxed.