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Dont understand about pension. bryan is receiving pension checks. he didnt roll into anything. He has tax taken out.

so does he pay income tax on that or not?
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1 Best answer

Accepted Solutions
AnnetteB
Intuit Alumni

Dont understand about pension. bryan is receiving pension checks. he didnt roll into anything. He has tax taken out.

 

Yes, the pension distributions are most likely taxable.

 

After you enter information from Form 1099-R, there are some follow-up questions to cover just in case it applies to your situation.  These questions may include asking about rolling the money into another type of account.  If none of it applies, then the distribution will just be included with your other income items on your Form 1040.

 

Take a look at your Form 1040 on line 16a for the amount distributed from the pension and line 16b for the taxable amount.

 

In order to preview your Form 1040, take the following steps:

 

  • Click My Account at the top of your screen

  • Click Tools

  • On the Tools Center page, below “Other helpful links…”, click View Tax Summary

  • Click Preview My 1040 shown at the top of your screen

  • Use the Back choice at the top of the screen to return to your tax return

Note:  For a 2019 return, look at Form 1040 Lines 4c and 4d for the pension distribution amount and the taxable amount.

 

[edited 3/13/2020 | 2:13 pm PST]

View solution in original post

1 Reply
AnnetteB
Intuit Alumni

Dont understand about pension. bryan is receiving pension checks. he didnt roll into anything. He has tax taken out.

 

Yes, the pension distributions are most likely taxable.

 

After you enter information from Form 1099-R, there are some follow-up questions to cover just in case it applies to your situation.  These questions may include asking about rolling the money into another type of account.  If none of it applies, then the distribution will just be included with your other income items on your Form 1040.

 

Take a look at your Form 1040 on line 16a for the amount distributed from the pension and line 16b for the taxable amount.

 

In order to preview your Form 1040, take the following steps:

 

  • Click My Account at the top of your screen

  • Click Tools

  • On the Tools Center page, below “Other helpful links…”, click View Tax Summary

  • Click Preview My 1040 shown at the top of your screen

  • Use the Back choice at the top of the screen to return to your tax return

Note:  For a 2019 return, look at Form 1040 Lines 4c and 4d for the pension distribution amount and the taxable amount.

 

[edited 3/13/2020 | 2:13 pm PST]

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