Form 1099-R – Entering Distributions from Retirement Plans
Form 1099-R reports distributions from 401(k)’s, pensions, annuities, retirement or profit-sharing plans, IRAs, insurance contracts. A copy of that form is also sent to the IRS. See Form 1099-R – Basic Information for more information.
NOTE Generally, if you are under age 59 1/2, you must pay a 10% additional tax on the distribution of any assets (money or other property) from your traditional IRA. The 10% additional tax applies to the part of the distribution that you must include in gross income. If your distribution qualifies for an exception, the payer should mark the correct code in Box 7 of Form 1099‑R. If they don’t, you must report the exception on Form 5329. See the IRS Instructions for Form 5329 for code details. To enter this information in TaxAct, see Form 5329 – Entering in Program.
To report the distributions on 1099-R in TaxAct, follow the steps below:
TaxAct Online
Dashboard
- From within your TaxAct return, click Income.
- On smaller devices, click the menu at the top left corner of your screen, then make your selection.
- Expand the Retirement & Social Security section.
- Click Add beside Distributions from IRA, 401(k), Pension Plan.
- Search for your financial provider or click Enter 1099 Manually at the bottom right.
- Complete the rest of the interview process.
Classic
- From within your TaxAct return, click Federal.
- On smaller devices, click the menu at the top left corner of your screen, then make your selection.
- Click the Retirement Plan Income drop-down, then click IRA, 401(k), and pension plan distributions (Form 1099-R).
- Click + Add Form 1099-R to create a new copy of the form.
- Click Edit to edit a form already created.
- Complete the rest of the interview process.
Desktop
- From within your TaxAct return, click Federal.
- Click the Retirement Plan Income drop-down, then click IRA, 401(k), and pension plan distributions (Form 1099-R).
- Click + Add beside Form 1099-R to create a new copy of the form.
- Click Review to edit a form already created.
- Choose Quick Entry or Step-by-Step Guidance and follow the steps to enter your details.
For additional information, go to IRS Publication 575.