@jimmarywebster wrote:
Pensions are treated like IRAs when reporting them. My pension 1099 has a box reporting the total distribution and a box for the taxable amount. Which of these amounts do I use?
Pensions are NOT treated as IRA's at all. ONLY if the IRA/SEP/SIMPLE box in the 1099-R is check will it be treated as an IRA, but a pension can NEVER have that box checked.
Both the box 1 and box 2a amount are used. Enter all 1099-R boxes just as on the form.
Enter a 1099-R here:
Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).
OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.
Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.
[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
