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Retirement tax questions
Yes, it's very common for the gross pension, box 1 Form 1099-R, to be more than the taxable amount in box 2a.
Some common reasons this occurs:
- A portion of the benefit is used to pay for health insurance premiums. If this is the case, you will see the nontaxable amount in box 5.
- Box 5 may also contain post-tax contributions or Roth contributions, which aren't taxable when they come out of the account.
- You may have a roll-over, or conversion of part or all of a distribution, which is nontaxable.
- If the distribution is a nonqualified annuity, only the earnings are taxed, not the original amount contributed to the annuity.
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March 10, 2024
12:35 PM