Pension and Annuites - Line 5 on Rorm 1040

Forum|Forum|4 years ago
July 15, 2022
3 replies
23 views

I receive a retired military pension, which, obviously is considered a pension

I have a 401k left at the university where I worked (retired 2018). This is, I believe, considered a qualified institutional plan .

My spouse has two IRAs that I believe are also considered institutional plans.

When I input 1099R data into TurboTax, the data from these four appear on Line 5a/b - Pensions and annuities. I know the military retirement should be on that line. QUESTION: Are the other three included there because they are institutional plans? None of them are what I would consider to be a pension or an annuity.

TIA for your answers.

VolvoGirl

Level 15

IRA goes on line 4. Check each 1099R. There is a little IRA checkbox between boxes 7&8. Maybe you missed checking one. Or she doesn't have IRA plans. 401K goes on line 5 with pension.

ddhayesAuthor

Level 2

No check in the box between 7 & 8 on either of her two 1099s, so I presume it is then correct for them to be included on Line 5

SteamTrain

Level 15

@ddhayes

Then you really need to check again to see what kind of retirement plan accounts those two 1099-R forms represent. IF they are real IRA accounts then the box labelled "IRA/SEP/SIMPLE" would most assuredly be checked, and their $$ on line 4a,b of the form 1040.

IF from a plan where your spouse is working at, somewhere, they are unlikely to be "IRA" accounts....if not a 401k or federal TSP, then perhaps 403b, or 457 or some company pension plan?

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*