Get answers to frequently asked questions about the 1099-R worksheet in ProSeries.
For information on 2020 coronavirus related distributions see Generating Form 8915 in ProSeries.
What's new for Form 5329 for tax year 2023:
- Certain corrective distributions not subject to 10% early distribution tax. Beginning on December 29, 2022, the 10% additional tax on early distributions will not apply to a corrective IRA distribution, which consists of an excessive contribution (a contribution greater than the IRA contribution limit) and any earnings allocable to the excessive contribution, as long as the corrective distribution is made on or before the due date (including extensions) of the income tax return
- Qualified disaster distributions. The additional tax on early distributions doesn't apply to qualified disaster distributions nor does it apply to qualified disaster recovery distributions. See Publication 590-B for more details.
- Maximum age for traditional IRA contributions. The age restrictions for contributions to a traditional IRA has been eliminated.
How do I enter a 1099-R in ProSeries?
ProSeries provides a 1099-R worksheet to enter the information from the 1099-R.
- Open the client file.
- Press F6 to bring up the Open Forms window.
- Type 99R to highlight the 1099-R Wks.
- Click OK to bring up the Select Form 1099-R Worksheet window.
- If this is a new payer enter the Payer name and click Create.
- If this is an existing payer click on the Payers name and click Select.
- Enter lines 1-19 from the corresponding boxes 1-19 on the 1099 received.