1099R - Qualified Retirement Plan

msoccio · ‎March 8, 2020

In 2019 I withdrew $93,000 from my Qualified Retirement Plan. On my 1099-R, Line 1 shows $93,000 Gross Distribution. Line 2a Shows $93,000 Taxable Amount. Nothing in line 2b and line 3. Line 4 shows $18,600 Federal Income Tax Withheld. Nothing in Line 5 or 6. Line 7 only shows a Distribution Code of 7 and nothing in the IRA/SEP/Simple. Nothing in line 8 thru 11. Line 12 shows $0.00 State Tax Withheld. Line 13 shows my New Jersey State Payer's # and Line 14 shows $0.00 for State Distribution.

My questions is that not all of the $93,000 is earnings. The contributions where taxed with my wages earned. Why does my NJ State Tax Return Show the full $93,000 as taxable income.

AnnetteB6 · ‎March 8, 2020

If you contributed to the plan with after-tax money, then you should talk to the plan administrator to request a corrected Form 1099-R.

The 1099-R that you described is indicating that the full amount of the distribution is taxable. If a portion was not taxable, then box 2a would be checked and/or an amount would be included in box 9a or b.

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msoccio · ‎March 8, 2020

The $93,000 I received is Taxed for Federal purposes. It is the state that I have a question on. My 1099-R shows a state distribution of$0.00 but the total of $93,000 is reflected in pension earnings on my New Jersey state return. What do I need to do in turbo tax so that this income is not reflected on my New Jersey state tax return?

ColeenD3 · ‎March 8, 2020

Just because it was not included in Box 14 does not mean it is not taxable to NJ.

NJ Income Tax – Retirement Income. If you are a New Jersey resident, your pensions, annuities, and certain IRA withdrawals are taxable and must be reported on your New Jersey tax return.

NJ retirement

1099R - Qualified Retirement Plan

State tax filing

State tax filing

State tax filing