How do I enter amounts from a Form 1099-R on an Individual return?

 

Solution:

Follow these steps to enter an amount from Form 1099-R:

  1. Go to Screen 13.1, Pensions, IRA.
  2. Click on Add from the left navigation panel or Select an existing 1099-R.  Note: To remove an activity highlight it from the left navigation panel and click Delete.
  3. Complete the Payer Information section:
    1. Name of payer
    2. Street address
    3. City/ State/ ZIP code or complete the Foreign address information
    4. Federal identification number
  4. Scroll down to the Form 1099-R section
  5. Enter the information and amounts from the corresponding boxes on Form 1099-R:
    • (1) Gross distribution - Enter the total pension or IRA distribution received. This amount prints in full on the Pensions and Annuities or IRA Distributions line of Form 1040, unless the gross amounts received and the taxable amounts received are the same.
    • (2a) Taxable Amount - Enter the taxable amount of the distribution as shown on Form 1099-R. However, if calculating the taxable amount of a pension under the General Rule or Simplified Method, it is not necessary to enter a taxable amount.  *See Taxable Amount (2a) (Screen 13.1, Pensions, IRA Distributions) below.
    • (2b) Taxable amount not determined / Total Distribution - Check the applicable box if checked on Form 1099-R.
    • (3) Capital Gain included in taxable amount - Enter the capital gain portion from a current year distribution. If you are electing to report the distribution on Form 4972, the program includes this amount on Form 4972, Part II if the 20% capital gain election applies. If Distribution Code #1 or Distribution Code #2 (Screen 13.1, code 810 or 196) indicates that the distribution is charitable gift annuity (letter F), the program includes this amount on Schedule D.
    • (4) Federal income tax withheld - Enter federal withholding from the pension or IRA distribution. The program includes this amount on Form 1040, page 2. When the taxpayer is required to file Form 2210, the program also carries the amount entered to Form 2210.
    • (5) Employee Contributions/Designated Roth Contribution or Insurance Premiums - Enter the taxpayer's employee contributions, designated Roth contributions, or insurance premium contributions as shown in box 5 of Form 1099-R.
    • (6) Net Unrealized Appreciation in Securities - Enter the net unrealized appreciation in the employer's securities shown in box 6 of Form 1099-R. If the taxpayer is filing Form 4972, Tax on Lump-Sum Distributions, and is electing to include net unrealized appreciation in taxable income this year, this amount must also be entered in Net Unrealized Appreciation (if elected) (code 45) in the Form 4972 input section of this screen.
    • (7) Distribution Code #1 / (7) Distribution Code #2 - Enter the distribution code shown on Form 1099-R box 7. Box 7 of Form 1099-R may contain multiple distribution codes. For example, box 7 may contain 7A which indicates that the distribution was a Normal Distribution (code 7) that May be Eligible for the 10-year Tax Option (code A). If multiple codes exist, enter the first digit or letter only in Distribution Code #1 (code 810), and enter the second digit or letter only in Distribution Code #2 (code 196). You can press [Ctrl]+[T] and select the applicable distribution code.
    • (7) IRA/SEP/SIMPLE - Check the box if the IRA/SEP/SIMPLE box on Form 1099-R box 7 is checked. It is not necessary to check this box if the distribution is from a Roth IRA.
    • (8) Other Distribution - Enter the other distribution amount that is shown on Form 1099-R box 8. According to Form 1099-R instructions, an amount in this box is the current actuarial value of an annuity contract that is part of a lump sum distribution. The amount entered in this field prints on line 11 of Form 4972 if the taxpayer or spouse is electing to figure tax on a qualified lump-sum distribution. Refer to the Form 4972 section of input on this screen for additional required entries.
    • (8) Other Distribution Percent (.xxxx or 1 for 100 Percent) - Enter the other distribution percentage shown on Form 1099-R box 8.
    • (9a) Total Distribution Percent (.xxxx or 1 for 100 Percent) - Enter the distribution percentage shown on Form 1099-R box 9a. According to Form 1099-R instructions, if this is a total distribution and it is made to more than one person, the percentage in this box represents the percentage received by the person whose name appears on the Form 1099-R. The percentage is used to compute ordinary income, death benefit exclusion, current actuarial value of annuity, federal estate tax, and the tax calculation per the worksheet in the Form 4972 instructions. Refer to the Form 4972 section of input on this screen for additional required entries.
    • (9b) Total Employee Contributions - Enter total employee contributions as shown on Form 1099-R box 9b.
    • (10) Amount allocable to IRR within 5 year- If an amount is reported in this box, see the instructions for Form 5329 and Pub. 575
    • (11) First Year of Designated Roth Contributions - If this is a distribution of designated Roth contributions to a 401(k) or 403(b) plan, enter the first year of designated Roth contributions as shown in the box under the recipients city, state, and ZIP code on Form 1099-R.
  6. Scroll down to the State and Local section
  7. Enter any information and amounts from the Form 1099-R. Including state and local tax withheld, Electronic Filing information, and state taxable amounts if different from Federal.
  8. Depending on the situation, additional sections may need to be completed.

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