1099-R: How do I Enter Distributions from Pensions, Annuities, or Other Retirement Plans?
How do I report my 1099-R?
Form 1099-R is generally used to report income that you received from a retirement account. This income could have been from a pension, an annuity, a retirement or profit-sharing plan, an IRA, or an insurance contract.
Box 1 - This box shows the total amount of distribution you received this year. You will need to enter this entire amount from your original form.
Box 2a- Even if there is a taxable amount entered in Box 2 of your 1099-R, you may qualify to use the Simplified Method to reduce the amount that is taxed. If you are not sure if you qualify to use the Simplified Method to determine your taxable amount, Click here.
If the taxable amount is NOT determined you will check Box 2b; however that does not mean that you will not be taxed on the distribution. In this circumstance it is the taxpayer's responsibility to determine the amount to be taxed. If your annuity starting date was before July 1, 1986 you will use the General Rule to figure the taxable part of the distribution if it was not rolled over within 60 days. If your annuity starting date was after July 1, 1986 you may be required to use the Simplified Method Worksheet. This worksheet is available on our 1099-R screen within our program. Please refer to the Simplified Method Worksheet link below for further instructions.
Box 4- Shows federal income tax withheld from the distribution.
Box 7- The codes in this box identify the distributions and whether or not they may be subject to an additional 10% tax. Click Here to determine what your code in Box 7 means.
Box 12-17 If state or local income tax was withheld from the distribution boxes 14-17 may show all or part of the distribution as taxable to the state. If there are withholdings listed in Box 12, Box 14 must have a value. Generally, Box 14 will be the same amount as Box 1 or Box 2 Distributions.
How to report my Rollover?
If you "roll over" an IRA you are moving it from one company to another. You have 60 days from the time you receive the funds from one company to invest it with the other company before it becomes taxable to you. To make an entry for an IRA Rollover in our program go to Federal section > Enter Myself > IRA/Pension and Social Security Benefits >Add or Edit an IRA- 1099-R > then make your entries and mark the check box that states "Check here if all/part of the distribution was rolled over, and enter the rollover amount."
How do I enter this form in my account?
From the Federal Section >> Income Menu >> Enter Myself >> IRA/Pension & Social Security Benefits >> Add or Edit a 1099-R.
If you have questions about the Distribution Code that is entered in Box 7 of your 1099-R, Click here.
For additional information: