BillM223
Expert Alumni

Retirement tax questions

Box 1 is the total distribution for 2024. Box 2a is the amount that is taxable. This is calculated by the OMB because the OMB knows what your "basis" is in your pension, i.e., how many after tax dollars you contributed to your pension, which are returned to you over time.

 

This is good, because it saves you having to figure it out in the rest of the 1099-R interview.

 

"5.  3413.76" - if you were not a peace officer, then you would have to manually enter the 3,413.76 as a medical expense in Schedule A. If, however, you were a peace officer, then say so in the questions that follow in the 1099-R interview. Note that you cannot take a deduction of more than $3,000 in this case. But the other 413.76 could still be listed as a Medical Expense on Schedule A.

 

I see that you have 1,500 in box 14. Are there no entries in boxes 15 and 16? There should be.

 

OK, so far, so good. Any other questions?

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