- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Pension withdrawal new
I have my wife's pension from a previous job I am entering in and she began receiving it in June 2016. The dollar amount is $1605.75 in gross distribution for the year and $175 in income tax. When I enter the information it is costing me $900 in taxes. Am I doing something wrong? This does not sound correct.
Topics:
May 31, 2019
7:23 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Make sure you are entering the 1099R correctly. It is not a W-2. Go to Federal> Wages and Income>Retirement Plans and Social Security to enter your 1099R.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
May 31, 2019
7:23 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Although a $900 increase in taxes as a result of entering this seems a bit high, it's not out of the question. Perhaps the distribution is increasing that amount of Social Security income that is subject to tax and the distribution is also resulting in a reduction in some sort of tax credit.
Compare your Form 1040 with and without this Form 1099-R entered to see specifically how this distribution is affecting your tax return.
Compare your Form 1040 with and without this Form 1099-R entered to see specifically how this distribution is affecting your tax return.
May 31, 2019
7:23 PM