How do I enter the information for a inherited qualified pension?

I have an inherited pension from my spouse who died in 2006. It is a qualified pension and I receive monthly payments. I do not know how to enter the information on turbo tax. It is not a RMD and I have not rolled it over. I am 74 years of age. My name is on the 1099-R and the distribution code is 4.

1047

1 Best answer

Expert Alumni

Jun 4, 2019 12:49:50 PM

Distributions received from an inherited qualified pension are taxable. Code 4 in box 7 of your 1099-R means Death (meaning you inherited the pension).

You just enter the form 1099-R in TurboTax and follow the interview. Answer Yes to the RMD questions. Turbotax will include the distributed amount in box 1 of form 1099-R as taxable income.

To enter your form 1099-R in TurboTax, open your return and follow these steps:

Click on Federal in the left-hand column, then on Wages and Income on top of the screen
Scroll down to All Income, locate the Retirement plans and Social security section
Click Show more and click Start next to IRA, 401(k), Pension Plan Withdrawals (1099-R)

Expert Alumni

Jun 4, 2019 12:49:50 PM

Distributions received from an inherited qualified pension are taxable. Code 4 in box 7 of your 1099-R means Death (meaning you inherited the pension).

You just enter the form 1099-R in TurboTax and follow the interview. Answer Yes to the RMD questions. Turbotax will include the distributed amount in box 1 of form 1099-R as taxable income.

To enter your form 1099-R in TurboTax, open your return and follow these steps:

Click on Federal in the left-hand column, then on Wages and Income on top of the screen
Scroll down to All Income, locate the Retirement plans and Social security section
Click Show more and click Start next to IRA, 401(k), Pension Plan Withdrawals (1099-R)

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How do I enter the information for a inherited qualified pension?