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Retirement tax questions
IF you started getting pension payments before age 59.5, then, In the year you turn 59.5, you get two 1099-R forms.
One for the $$ before 59.5, with box 7 containing a code 2.
Another for the $$ after 59.5, with box 7 containing the code 7.
You just go ahead and put both into the software separately, with the listed box 7 code for each, and carefully answer the follow-up questions. Shouldn't be an issue (it wasn't for me)
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
March 20, 2024
3:14 AM