How to Report Earnings From a 1099-R on Your Individual Tax Return
- 1). Report distributions that you receive from individual retirement accounts (IRAs). Enter the total amount of IRA distributions received during the year on line 15a of Form 1040. Record the total taxable amount of the IRA distributions on line 15b.
By definition, the IRS considers distributions from traditional, Roth, simplified employee pensions (SEP) and saving incentive match plans (SIMPLE) IRAs as taxable income. You must include all distributions reported on 1099-R forms to determine your adjusted gross income for the year. - 2). Report distributions from pensions and annuities. Record the total amount of pensions and annuities you received during the current year on line 16a of Form 1040. Record the total taxable amount of the pensions and annuities on line 16b.
In addition, be aware that the IRS regards all amounts from military retirement pay and any disability payments as taxable income. - 3). Report federal income tax withheld from all distributions on line 62 of Form 1040.
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