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Common questions about 1099-R IRA Deductions in Lacerte

by Intuit•1• Updated 1 month ago
  1. Open Screen 24, Adjustments to Income.
  2. In the Section list, click Traditional IRA.
  3. Enter 1 in IRA Contributions (1 = Maximum Deduction) to calculate the maximum deductible contribution allowed for the taxpayer and spouse (IRA worksheets).
  4. Enter recharacterizations of taxpayer and spouse contributions in Recharacterizations.
  5. Enter the IRA contributions made by the taxpayer and spouse in Contributions Made (Letter Use Only).
  6. Enter other earned income and any amounts already entered in Other Income relevant to the IRA calculation that qualify as earned income in Other Earned Income [A].
  1. Open Screen 13.1, Pensions, IRA.
  2. In the Form 1099-R list, click the payer.
  3. In the Section list, click Form 1099-R.
  4. Enter the full distribution in Gross Distribution.
  5. Enter the taxable distribution in Taxable Amount.
  6. Select the IRA/SEP/SIMPLE check box.
  7. In the Section list, click Form 8606.
  8. Enter the distribution being converted to a Roth IRA in Traditional IRA Distributions Converted to Roth IRA.
  9. Enter the amount to recharacterize in Recharacterizations.
  10. Type in an explanation in Explanation of Recharacterizations (Ctrl+E).
Lacerte Tax

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