TurboTax is a blessing for many people who struggle to file their tax returns. Despite many tax reforms implemented by the government taxpayers still, find it difficult to compile all the necessary tax forms while filing their state and federal taxes. The TurboTax software offers users step-by-step instruction on how to prepare their tax returns and how to maximize their tax refund. Users begin by answering a series of questions that help the software calculate your tax requirement. If you cannot answers any of the questions asked by TurboTax you can call the turbotax customer service number and ask for clarification. Once TurboTax has all the information the software will fill all the relevant tax forms for you to review. Sometimes their tax forms can be a little confusing. This article will give you an idea about how to enter or delete information related to your 1099-R in TurboTax.
What is 1099-R and when do you need it?
The tax form titled 1099-R is meant to report retirement benefits like annuities, payments under life insurance contracts, pension and so on. There are different variations of Form 1099-R depending on the tax requirement of the individual. Pension plans, both private and public, use the standard form if they are not connected to the Civil Service system.
Steps to follow to enter your 1099-R in TurboTax
You will have to fill out the 1099-R form whenever you receive more than $10 from your pension or retirement plan. You can follow the steps given below to enter your 1099-R while using TurboTax:
- Step 1: Login to your TurboTax account and open the tax return you are currently working on.
- Step 2: Search for 1099-R in TurboTax and go to the relevant links from the search results
- Step 3: Click ‘Yes’ when the 1099-Rscreen opens and proceed
- Step 4: If the page opens to your previous 1099-Rentries then create an additional 1099-R entry
- Step 5: Choose how you want to enter the data for your 1099-R(you can import it externally or type it in yourself) and follow the given instructions
Steps to follow to delete your 1099-R in TurboTax
If you notice a duplicate or unwanted 1099-R form on TurboTax you can go to “Your 1099-R Entries” screen and follow the steps below to delete it:
- Step 1: Open the tax return on TurboTax and search for 1099-R
- Step 2: Click on the search results and go to the “Your 1099-R Entries”
- Step 3: Look for the 1099-R you want to remover and click ‘Delete’
- Step 4: Press ‘Yes’ to confirm and your 1099-R will be deleted from TurboTax
If you have any trouble entering your data or deleting your 1099-R then you should contact turbotax technical support number for additional tech support. When the slightest mistake in your tax return could lead to penalties from the IRS. That is why TurboTax experts are available 24 hours a day to help you double check all the information in your tax forms so that there are no mistakes.
Read more – turbotax customer support
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