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Video instructions and help with filling out and completing Where to report 1099-s on form 1040
Welcome to reporting pension and IRA distribution income pension and IRA distributions are normally reported to the clients and a 1099 are which looks typically like this so I'll have the payers information their FICO ID number the recipient refused to be the tax payer of the spouse the gross distribution which is the amount that they receive and in a box to a little show of that amount how much is actually taxable to have to include in your taxable income and then to be you might have a total disjoint total distribution or you might show that how much of this is if it's not taxed well how much tax a while not determined so in that case the client would have to determine a box one how much should be text box for will have federal taxes withheld hopefully there's something there because this money is going to be taxable to them and box twelve also would be state withholding typically they have to pay state income tax and this money back seven this distribution code is going to tell us how the money was pulled out was it pulled out before retirement age after retirement age or through the disability or maybe they pulled out early but there's an exception to being hit with a penalty because if they pull it out before retirement age Daris will hit them with a ten percent penalty so let me demonstrate now I'll show you where to key this in Drake so I'm in the general tab of Drake then right here it's labeled 1099 and then our retirement I can left-click and go right into the screen or I can type 1099 numbers faster at the bottom hit enter coming to tonight on our screen all I'm going to do is take information off of 1099 our client ring then can enter it into this screen just like a w-2 so the very first flag field is going to is a taxpayer of spouse and you to specify whose income it is I'll say taxpayer using the F field you don't have to do anything with pension type this one I'm going to put in typically whatever the distribution code is it's down here in box 7 I'm going to put the same up here in pension type and I need to do that because the state of Michigan does not tax all pensions and it's identifying them identifying which is not taxable based on the distribution code so we have to put it in here in order for Drake to properly subtract it out if it's not taxable so if it's a distribution code one I'll put a 1 up here I'm going to put the federal ID number of the company or the payer this protects tax years and say it's 25 thousands when I received of that only 24,000 taxable I'll check the box it was a total distribution rights eats everything out of.