To enter Form 1099-R, go to:
- Federal Section
- Income (Enter Myself)
- IRA/Pension Distributions
- Add or Edit a 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 shows the distribution amount you received during the tax year. Enter the amount from your original form in the program.
Box 2a - You may qualify to use the Simplified Method to reduce the amount that is taxed; even if there is a taxable amount entered in Box 2 of your 1099-R. If you aren’t sure if you qualify to use the Simplified Method; click here to determine your taxable amount.
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. It is the taxpayer's responsibility to determine the amount to be taxed.
If your annuity starting date was before July 1, 1986, you use the General Rule to calculate the taxable part of the distribution only if it wasn’t rolled over within 60 days. If the 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 (if applicable).
Box 7 - The codes in this box identify the distributions and whether 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 do I 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
- Income (Enter Myself)
- IRA/Pension Distributions
- Add or Edit an IRA- 1099-R
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."
Additional information:
What is Form 1099-R and how to report Box 2A
What do the codes for Box 7 mean?
Information on the Early Withdrawal Penalty