My husband is retired & has a Teamsters Pension. I'm confused at the following question: What did he do with the money.
1) Did he move the money to another retirement account or return it to the same retirement account?
2) He did something else with it. (Like cashed out, etc.)
He did not roll it or take it out. He left it with Teamsters. Which one do I select?
On his 1099-R form the fields gross & taxable amounts are $3,353.40. Federal income tax withheld. $503.28. How can it be taxed if he withheld federal taxes? Our refund for state & federal dropped drastically when I enter the taxable amount of $3,353.40.
Here's the questions that are asked.
1) Did he deposit $553.61 (federal taxes withheld according to Turbo Tax) from your own funds in addition to the $2,799.79 he received from the distribution?
2) No, he did not add $553.61 to the $2,799.79 to what he had.
TIA
