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.
Where to enter Form 1099-R?
To enter, go to:
- Income - Select My Forms
- 1099-R, RRB, SSA - Distributions from pensions, annuities, retirement, IRAs, social security, etc.
- Add or Edit a 1099-R
Form 1099-R will usually show items such as the gross amount of the distribution, the taxable amount (what is actually going to be taxed), tax withholding (federal and state), and a distribution code (box 7) to show why you received the distribution.
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 - If no amount for the taxable amount (box 2a) is listed, this DOES NOT mean that it is not taxable. Instead, it means that the payer didn't have enough information to determine the amount of your distribution that should be taxed. In this case, you have to figure the taxable amount yourself. In most cases, you will need to use the Simplified Method Worksheet to determine the taxable amount.
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.
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 10 - For taxpayers that have an In-plan Roth Rollover. Publication 575 can be used to figure the amount, if any, you need to include on your tax return.
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 14, Box 16 must have a value. Generally, Box 16 will be the same amount as Box 1 or Box 2 distributions.
To view a sample Form 1099-R, click here
For information on 1099-R: Early Withdrawal Penalty