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IRA Distributions

Reporting IRA Distributions on Form 1040 Line 15


IRA Distributions: Form 1040 Line 15

Gather all your Form 1099-R statements from each bank, mutual fund, or retirement plan for the year.

1099-R statements report distributions from various retirement plans.

Separate 1099-R statements into two piles: those received from your IRA, and those received from your pension or annuity plans.

Report your IRA distributions on line 15. Report your pension and annuity distributions on line 16.

If you rolled over your IRA, enter the amount you rolled over in line 15a and write the word "Rollover" next to line 15b.

Using a calculator, add up all the distribution amounts from box 1 every 1099-R.

Put the total figure on Line 15b.

Did you take an early distribution from your IRA?

If you withdrew money from your IRA and you were under age 59.5 at the end of the year, and you did not rollover that money, then you may owe additional tax on the early distribution.

You must read Publication 590 to figure the additional tax.

Tax Withholding

Look at boxes 4 and 10 of your Form 1099-R statement. Do you have any amounts in these boxes? If yes, remember to include these amounts for your tax withheld. The amount in box 4 is added to your other withholding on Form 1040 Line 64. The amount in box 10 is added to your state tax withholding on your state tax form.

Special Rules for Hurricane Victims in 2005

According to the IRS,
Special rules may apply if you received a distribution from your individual retirement arrangement (IRA) after August 24, 2005, and your main home was in the Hurricane Katrina disaster area. Special rules may also apply if you received a distribution after February 28, 2005, and before August 29, 2005, to buy or construct a main home in the Hurricane Katrina disaster area, but that home was not bought or constructed because of Hurricane Katrina. See Form 8915 and its instructions for details.

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