Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 3
posted Feb 12, 2024 1:13:37 PM

Pension reported as IRA Distribution in Error

I just realized that since 2020 my pension benefits have been rerported as an IRA Distribution on my federal return by mistake.  Some how the box labeled IRA/SEP/SIMPLE got checked on my 2020 return and the 1099-R has carried forward like that each year.  I caught it while working on my 2023 return.  I've removed it and none of my numbers changed, as either way it's fully taxable.  I'm well over 59 1/2 so there's no penalty involved related to early distribution of IRA money. Is there any reason I should worry about those 3 years it got reported wrong?

0 3 865
3 Replies
Level 15
Feb 12, 2024 1:17:18 PM

No effect on your tax liability so I wouldn’t think you would have to amend. 

Level 15
Feb 12, 2024 1:22:37 PM

Seems like you should have heard from the IRS because it was on the wrong line each year.   They should  be sending you letters saying  you didn't report it since they didn't see it on the pension line.  

Level 15
Feb 12, 2024 1:23:13 PM

The IRS should be able to figure out you put it on the wrong line and leave you alone.