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Level 1

Question

Non taxable pension plans

Forum|Forum|6 years ago
February 7, 2020
2 replies
21 views

My pensions are exactly the same as last year, yet my non-taxable amount went from $4,059 to $1,514. I've checked both years 1099 information and answered questions and hey are the same. Has the law changed?

Level 14

If you are referring to IRAs, you might want to revisit the contribution section to verify your nondeductible contributions if there are any. Your non-taxable portion of the distribution is calculated based on your basis ( the nondeductible amount)

After sign into your account, select Pick up where you left off
At the right upper corner, in the search box, type in IRA contributions and Enter
Select Jump to IRA contributions
Follow prompts

If you are referring to other pension plans, you can consider our new product / features TurboTaxLive to file your 2019 taxes. Once you complete your taxes, before you file, you’ll be given the option for a final review of your return by one of our tax professionals. After they completed reviewing your return, they’ll inform you of any proposed changes.

Here are the details:

https://ttlc.intuit.com/replies/6071042

Level 2

I have this same question. Does not pertain to an IRA. Have a standard old fashion pension. Did the laws change?

Level 12

The laws have not changed about pensions and the how they are taxed.

The taxable amount often is the same amount on the 1099-R that is in Box 1.

If you put into TurboTax the information from your 1099-R exactly as it appears on the 1099-R the program will tax the amount in Box 2.

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