If your taxable income is $31,000 (46,000 less 15,000 loan portion), then your tax would be less than $1,000, filing married-joint. You may have entered the pension income wrong, on the form 1099-R entry. You can see your form 1040 in TurboTax to see what the taxable portion of your pension income is on line 5 (b) of your tax return by using the following tabs in TurboTax online:
- Tax Tools (left side of the menu bar)
- Tools
- View Tax Summary
- Preview my 1040 (left menu bar)
If the taxable amount of your pension is wrong, you have to correct your form 1099-R entry.
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