TaxAct uses the entries made for all Forms 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. to calculate the amounts that appear on Line 4a, 4b, 5a, or 5b of Form 1040 U.S. Individual Income Tax Return. 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:
If you change any of the key 1099-R 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.
You may be asked additional questions related to the following:
In these instances, once you get back to the screen titled Form 1099-R Summary after entering all the Forms 1099-R, click Continue. You’ll see only the additional screens if your entries indicate these forms are needed.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.