How do I calculate the taxable income on my 1099R. This is the a percentage of my ex's pension that I get per my divorce decree (I am not retired, he is).

Forum|Forum|7 years ago
June 7, 2019
14 replies
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I receive a monthly payment from my former spouse's pension. He is over 60 and retired - I am 48 and not retired. The 1099R I received has "Unknown" as the Taxable amount. I have not withheld any taxes from these payments, although $150 of my monthly disbursement is applied to my survivor benefit. I am not sure how much of the amount is taxable - and/or if I need to pay a penalty.

TurboTax Deluxe Online

Best answer by dmertz

Answered in the comments.

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lsb513Author

Level 2

Thank you so much for the answer. I guarantee he did not make any after tax payments. Do I pay an early disbursement penalty because I am only 48 and not retired. It looks like TurboTax hits me with about a 25% tax on the money.

dmertz

Level 15

Code 7 means that TurboTax will not include on line 59 of Form 1040 any early-distribution penalty for this distribution. However, the entire distribution *is* subject to ordinary income tax.