Is teacher retirement taxable if put directly into an Edward Jones account?

[bwsgarcia]

Thank you for your answer.

[VolvoGirl · Accepted solution]

You are getting retirement now?  Doesn’t matter what you do with it.  Did you get a 1099R?  You have to report it and it is taxable.

[Rainman12]

Both total and taxable amounts should be on the 1099-R.

[VolvoGirl]

Oh I guess we should ask, what code is in box 7 on the 1099R?  Are you taking a pension or did you roll it over to an IRA at Edward Jones?

[bwsgarcia]

7 is in box 7

[Rainman12]

Then its a normal, taxable retirement distribution.  Note: you can Not put it into an IRA account, unless you have an equal amount of Earned (W-2) income ...