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 support 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.
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.
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:
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:
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.