Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Retirement

Enter Traditional IRA distribution

To enter a traditional IRA distribution, complete the following steps.
  1. In the
    1099R
     screen in the
    Retirement
     folder, enter the distribution information as reported on Form 1099-R and mark the
    IRA/SEP/SIMPLE
     field to indicate that the 1099-R is for an IRA distribution.
  2. To calculate additional taxes using Form 5329, select the codes in the following fields in the
    1099R-2
     screen. If there are no additional taxes on this IRA distribution and Form 5329 is not required, skip this step and continue to step 3.
    • Early distribution code
    • Exception amount
  3. In the
    IRA
     screen, enter the taxpayer's basis in the
    Traditional IRA basis
     field and the traditional IRA value amount in the
    Traditional IRA value on 12/31/23 (including rollovers)
     field. This information is used to calculate the taxable and nontaxable portions of the distribution on Form 8606. These entries proforma from year to year.
  4. Review Form 1040, line 4b, as well as any of the following: Form 8606, the Traditional IRA Deduction Worksheet (located in the IRA folder), and the IRA Distribution Report (located in the
    IRADist
     folder).

This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual
  • Subject: Retirement
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close