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Retirement tax questions
Is this a defined pension? As opposed to a 401k, 403b, or other plan?
There's no tax deduction for buying extra pension credits. The pension plan is supposed to keep track of this for you, and indicate on your 1099-R statement that part of the pension is non-taxable.
Buying pension credits is not the same as contributing to a IRA, and should not be listed on your tax return.
‎January 24, 2024
10:57 AM