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Screen 1099R-3 - Pension and Annuity, Page 3 (1040)
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Overview
The 1099R-3 screen is linked to the corresponding the 1099R screen, so the information in the
Payer's name
and T, S
fields match on these screens. To get the correct treatment for the pension, annuity, or IRA distribution, always use the correct 1099R-3 screen for data entry.Roth IRA
Conversion to Roth
Enter the amount of traditional IRA distribution included in the gross distribution converted to a Roth IRA. UltraTax CS transfers this amount to Form 8606, line 16.
Amount of minimum required distribution...
The amount entered reduces the modified adjusted gross income amount used for determining whether the taxpayer is eligible to convert a traditional IRA to a Roth IRA.
Recharacterization type
Use this field to identify a recharacterization with code N or R in box 7.
- Amounts originally contributed to a traditional IRA being recharacterized to a Roth contribution IRA are identified with code1.
- Amounts originally contributed to a Roth IRA being recharacterized to another IRA type are identified with code3.
Original contribution amount
Enter the amount of the original contribution that you are recharacterizing. When the recharacterization amount doesn't include earnings, you aren't required to enter data here.
Qualified Charitable Distribution (QCD)
Qual. charitable distribution
An IRA owner, age 70 1/2 or older, can directly transfer, tax-free, up to $100,000 per year to an eligible charitable organization. Eligible IRA owners can take advantage of this provision, regardless of whether they itemize their deductions. Distributions from employer-sponsored retirement plans, including SIMPLE IRAs and simplified employee pension (SEP) plans, aren't eligible.
To qualify, the funds must be contributed directly by the IRA trustee to the eligible charity. Amounts transferred aren't taxable and no deduction is available for the amount given to the charity.
Transferred amounts are counted when determining whether the owner has met the IRA's required minimum distribution rules. For situations when individuals have made nondeductible contributions to their traditional IRAs, a special rule treats transferred amounts as coming first from taxable funds, instead of proportionately from taxable and nontaxable funds, as would be the case with regular distributions.
QCD Worksheet Entries
With the SECURE act, the $100,000 annual limit on Qualified Charitable Distributions (QCDs) is subject to reduction based on the amount of traditional IRA deductions claimed for the year a taxpayer attains age 70.5 and for subsequent years. Refer to Publication 590-B for further details.
The following amounts aren't proforma’d and will need to be entered to calculate the QCD limit (enter totals before any limitation).
- 2020 Traditional IRA QCD
- 2021 Traditional IRA QCD
- 2022 Traditional IRA QCD
- 2020 IRA Deduction
- 2021 IRA Deduction
- 2022 IRA Deduction
Net IRA QCD (Force)
Enter the Net IRA QCD amount calculated on the QCD Carryover Worksheet.
Required Minimum Distributions (RMD)
Print Required Minimum Distribution Worksheet for this unit
Enter
X
to use information from this unit to print the following Required Minimum Distribution Worksheets: Worksheet for Owners, Worksheet for Beneficiaries, or Required Minimum Distribution Comparison (RMD Compare).note
- To have UltraTax CS calculate the Worksheet for Owners or the Worksheet for Beneficiaries, you must complete this field. The Worksheet for Owners calculates the amount that a taxpayer age 72 or older is required to have distributed from their traditional IRA or qualified retirement plan account for the following tax year. This worksheet doesn't apply to qualified retirement plan accounts when the taxpayer continues working for an employer past age 72 and isn't a greater than 5% owner.
- If the IRA or qualified retirement plan was inherited, use theType of beneficiaryfield to enter the type of beneficiary that the taxpayer/spouse is and calculate the Worksheet for Beneficiaries. You must also theDeceased owner date of birthandDeceased owner date of deathfields to calculate the required minimum distribution.
- The RMD Compare worksheet compares the amount in thePrior-year Required Minimum Distribution amountfield and the current-year distribution, if thePrint Required Minimum Distribution Worksheetfor this unit is marked. If the total current-year distributions are less than the total prior-year required minimum distributions, then penalties could be assessed on Form 5329; refer to the Form 5329 instructions for more information.
Is spouse the sole beneficiary of the account?
Enter
1
if the account holder’s spouse is the sole beneficiary of the IRA or qualified retirement plan account.Enter
2
if the account holder isn't married, or if the account holder is married and his/her spouse is either not a beneficiary of the IRA or qualified retirement plan account, or is 1 of multiple beneficiaries of the IRA or qualified retirement plan account.note
If the spouse is more than 10 years younger than the account holder, the Joint Life and Last Survivor Expectancy Table is used to determine the required minimum distribution. All other taxpayers use the Uniform Lifetime Table.
Type of beneficiary
Enter
1
if the account holder is an eligible beneficiary.Enter
2
if the account holder is a designated beneficiary.note
UltraTax CS requires data in this field to calculate the Worksheet for Beneficiaries. This worksheet calculates the required minimum distribution that a beneficiary must withdraw from an inherited IRA or qualified retirement plan account. Don't use this worksheet for a surviving spouse who elects to treat an inherited IRA or qualified retirement plan account as their own or rolls the inherited IRA or qualified retirement plan into his/her own IRA or qualified retirement plan account. Instead, use the Worksheet for Owners.
Deceased owner name
UltraTax CS uses the data in this field to distinguish multiple units of inherited qualified retirement plan accounts calculating required minimum distributions for aggregation purposes on the Required Minimum Distribution (RMD) Summary. The required minimum distributions of some types of inherited qualified retirement plan accounts (traditional IRA, Roth IRA, 403(b) plan, Roth 403(b) plan) can be aggregated with other inherited required minimum distributions of the same type of qualified retirement plan accounts only if inherited from the same decedent.
- If the deceased original owner died before his/her required beginning date or the qualified retirement plan account is a Roth IRA and the beneficiary elects to take distributions using the 10-year rule, don't calculate the Required Minimum Distribution (RMD) Worksheet.
- If the deceased original owner died before his/her required beginning date or the qualified retirement plan account is a Roth IRA and a surviving spouse elects to wait to begin receiving required minimum distributions from the inherited IRA or qualified retirement plan until the deceased original owner would have turned 73, don't calculate the Required Minimum Distribution (RMD) Worksheet until the applicable year.
Beneficiary birth year (Force)
If this field is completed, UltraTax CS uses this year instead of the account holder's birth year that appears on the 1040 screen for Line 8 or Line 12 of the Worksheet for Beneficiaries.
Required minimum distribution (Force)
UltraTax CS uses the Required Minimum Distribution (RMD) Worksheet to calculate the amount required to be distributed from the account for the following year. If data is entered in this field, UltraTax CS doesn't calculate the worksheet but instead displays the amount in this field on Line 7 or Line 21 of the worksheet, as well as the Required Minimum Distribution (RMD) Summary.
Prior-year required minimum distribution amount
The projected 2022 required minimum distribution amount proformas to this field from the Required Minimum Distribution Worksheet. UltraTax CS uses this amount to complete the Required Minimum Distribution Comparison Worksheet for accounts with a current-year distribution, if the
Print Required Minimum Distribution Worksheet for this unit
field is marked. The worksheet compares the amount in the Prior-year required minimum distribution amount
field and the current-year distribution amount to determine if the distribution was more than the required amount or less than the required amount.If the amount should be different or the Required Minimum Distribution Worksheet wasn't calculated in the prior-year, enter the amount in this field.
note
If the total current-year distributions are less than the total prior-year required minimum distributions, penalties could be assessed on Form 5329. See Form 5329 form instructions for more information.
Other Information for IRAs
Qual. HSA funding distribution
A qualified HSA funding distribution (QHFD) is a direct trustee-to-trustee transfer from an IRA (other than a SEP or SIMPLE IRA) to an HSA. The amount of QHFD, up to the yearly HSA contribution limit, is excluded from income. A QHFD can be made only once in a lifetime, and the HSA coverage must be maintained for the 12 months following the month of the QHFD. The IRA checkbox on line 7 of the 1099R facsimile received from the trustee should be marked for this distribution.
Inherited IRA
Enter
X
if the client inherited an IRA from someone other than their spouse, and also enter the taxable portion of the distribution in the Taxable amount
field. The taxable amount is reported on Page 2 of Form 1040 and isn't reported on Form 8606. Attach a separate Form 8606 to the return to report the basis of the inherited IRA. Marking this checkbox will ignore the QCD amount entered in the QCD Worksheet section. This checkbox should be blank to fully deduct QCDs. Qualified Disaster Distributions and Repayments
Year of qualified disaster
Select a year from the list to calculate Form 8915. 2019 will calculate The FEMA Disaster Name field, disaster beginning date, disaster ending date, disaster declaration date, and date of distribution fields must be completed.
FEMA Disaster name
The list of available qualified disasters is found at: www.fema.gov/disaster/declarations.
Disaster beginning date
This date is available at: www.fema.gov/disaster/declarations.
Disaster ending date
This date is available at: www.fema.gov/disaster/declarations.
Disaster declaration date
This date is available at: www.fema.gov/disaster/declarations.
Date of distribution
This field is required for all non-coronavirus related distributions.
Qualified distribution amount
Enter the amount of gross distribution on Form 1099-R, Box 1 that qualifies per Form 8915-F instructions.
Qualified repayment amount
Enter any repayments made prior to filing the tax return. This field is only used for current-year qualified distributions. If a repayment was made for a prior year qualified distribution, enter the repayment amount on Screen 8915, 8915-C, 8915-D and/or 8915F20.
Cost of distribution (pension distributions only)
If there was a distribution from a retirement plan other than an IRA, enter the cost of the distribution. See the Form 8915 instructions for more information on determining this.