☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Jan 28, 2025 4:22:34 PM

Asked Community re: poss mistake on 2023return re: not including pension as taxable income. Expert said try amend 2023 & re-enter 1099-R. Got stuck on "enter annuity info

"Enter Annuity Info" asks for "plan cost" "Taxfree Amt previously recovered" etc -- have no idea about any of this & it is a pension, not an annuity anyway - so gave up trying to amend the 1099-R on the 2023 return. What else can I do? BTW in case it matters, on the 1099-R the 2a box is blank & 2b is checked & the Expert was MarilynG1

0 1 2015
1 Replies
Expert Alumni
Feb 10, 2025 3:01:12 PM

A pension is a retirement benefit that provides a regular income after an employee stops working. An annuity is an arrangement where you get benefits over the course of your retirement.  You have to know the details of your pension to know how much is taxable.  Please read Annuities - A brief description | Internal Revenue Service.  If you can find out what type of plan you had,  wan help you with the entry.