turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Do I have to pay taxes again on my pension I received in June in a lump sump sum. The Company took 20% in taxes then?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Do I have to pay taxes again on my pension I received in June in a lump sump sum. The Company took 20% in taxes then?

You must enter the 1099R for the pension money you received.  The amount withheld by the employer was an estimate, just like when they withhold tax from your paychecks.   Whether you owe anything additional or get a refund of any of it will depend on your other income, tax withheld, etc.

 

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Do I have to pay taxes again on my pension I received in June in a lump sump sum. The Company took 20% in taxes then?

Maybe, if the taxes you actually owe are more than 20%.  Remember state taxes as well.

Enter the 1099-R in Federal > Wages and Income > Retirement.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies