@CHANDRA GILL wrote:
I DON'T SEE ANY ADJUSTMENT ON MY 1099R
If this in not your first retirement distribution there will be no adjustment on your Form 1099-R.
As has previously been stated on this thread -
In January of 1990, the Georgia Department of Revenue created a 'tax recovery adjustment' for TRS member contributions made from July 1, 1987 through January 1, 1990. During that period, member contributions were sheltered from federal income tax, but not Georgia state income tax. Thus, a member's contributions and pension were taxed by the State of Georgia. The Georgia Department of Revenue allowed TRS members, who contributed to TRS from July 1, 1987 through January 1, 1990, to 'recover' the taxes paid on those contributions when they filed for their state taxes. At retirement all retirees receive this important information at the time they receive their first benefit check. TRS members eligible for this recovery adjustment will receive, along with their first benefit check, a letter that provides the total dollar amount of TRS contributions made during this time frame so members can document the adjustment on their state tax returns. For example, a member who retired on July 1, 1998 received this important tax information with his/her first retirement check. In early 1999, when the retiree filed his or her state taxes for 1998, the adjustment would have been included. To be clear, the amount shown in the letter you received is not the amount you are owed by the Georgia Department of Revenue, but is the amount of money from which you can recover taxes paid on it. If you already received your adjustment, then you are all set. If you did not claim the adjustment, please contact the Georgia Department of Revenue directly to find out if you are still eligible.
