How do I report an IRA distribution under the General Rule for an Individual Form 1040 return?
You must use the General Rule to calculate the taxable part of a distribution if the taxpayer's pension or annuity is partially taxable and Form 1099-R does not show the taxable part. If the annuity starting date was after November 18, 1996, you may be able to use the Simplified Method instead. See Publication 939 for more on the General Rule.
- Within the Input Return tab, select Income followed by Pensions, IRAs (1099-R)
- Click the Details button to expand the input screen
- Complete the Payer Information section:
- Name of payer
- Federal identification number
- Street address
- City/ State/ ZIP code or complete the Foreign address information
- Enter the full distribution in the Gross distribution field and the taxable distribution in Taxable amount field.
- Select the Annuities tab from the top of the page.
- Enter the Investment in contract (plus death benefit exclusion) amount.
- Enter the Expected return amount.
- Enter the amount of Investment previously recovered tax free.