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The Basics

TaxAct uses the entries made for all Forms 1099-R to calculate the amounts that appear onLine 4a-4d of IRS Form 1040. If you think an amount regarding your retirement plan income is incorrect on Form 1040, review your Form 1099-R entries by following the steps below.

To enter or review Form 1099-R Distributions From Retirement Plans in TaxAct:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then select Federal.
  2. Click Retirement Plan Income to expand the category, and then click IRA, 401(k), and pension plan distributions (Form 1099-R)
  3. Click New Copy of Form 1099-R (Desktop users click Add) to create a new copy of the form or click Review to review a form already created
  4. The program will proceed with the interview questions for you to enter or review the appropriate information

To change entries on Form 1099-R:If you change any of the key entries — including Boxes 1, 2a, 2b, 7 (both the numeric and alpha codes) and the IRA/SEP/SIMPLE checkbox — it may affect the outcome of your return.

For example, if the taxable portion of the distribution doesn’t appear on Line 4a, this may be because Boxes 2a and/or 2b aren’t properly filled out. You may also need to ensure the IRA/SEP/SIMPLE box is checked.

Additional questions (if applicable)

You may be asked additional questions related to the following:

  • converted a traditional IRA to a Roth IRA
  • inherited an IRA
  • need to use the Simplified Method
  • rolled over amounts from an employer plan or traditional IRA 5329 Additional Taxes on Qualified Plans or Form 8606 Nondeductible IRAs

In these instances, once you get back to the Form 1099-R Summary screen after entering all the Forms 1099-R, click continue. You’ll see only the additional screens if your entries indicate these forms are needed.

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