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cpuxap
Level 1

How do i post the following in turbo tax my 1099r has one amount for pension and my ira. no state taxes but taxes on my ira. the system puts everything as a reduct

 
9 Replies
BillM223
Expert Alumni

How do i post the following in turbo tax my 1099r has one amount for pension and my ira. no state taxes but taxes on my ira. the system puts everything as a reduct

Are you saying that you have one 1099-R form that is reporting on a distribution from a pension AND from an IRA? That's not possible. So do you have two 1099-R forms, one for each?

 

Your pension and IRA distributions may or may not be taxed on the state level, so there may be no withholding - or it may be that you simply didn't ask them to do any state withholding. Tell us the state, and we can check.

 

Both pension and traditional IRA distributions are generally taxable on the federal level.

 

"the system puts everything as a reduct" - what does this mean? Are you seeing that the pension and IRA amounts are shown as a subtraction to state income? That may be correct, again, depending on your state.

 

So, let us know if you have two 1099-Rs and what state you are referring to.

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BillM223
Expert Alumni

How do i post the following in turbo tax my 1099r has one amount for pension and my ira. no state taxes but taxes on my ira. the system puts everything as a reduct

Also tell us what the source of the pension is: military pension, government pension, education system pension, private pension, and so on.

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cpuxap
Level 1

How do i post the following in turbo tax my 1099r has one amount for pension and my ira. no state taxes but taxes on my ira. the system puts everything as a reduct

only one 1099r

michigan

detroit

I have a pension from the city

while working I contributed a percent of my wages to the retirement fund

the city added a percent

Was told that it would be taxable 

thanks

cpuxap
Level 1

How do i post the following in turbo tax my 1099r has one amount for pension and my ira. no state taxes but taxes on my ira. the system puts everything as a reduct

My mistake 

an annuity not an ira

KathrynG3
Expert Alumni

How do i post the following in turbo tax my 1099r has one amount for pension and my ira. no state taxes but taxes on my ira. the system puts everything as a reduct

You would enter the annuity as received on Form 1099-R. There will be questions following the initial entry to capture your details. What amount has been calculated as taxable will appear in Box 2a. 

 

If this number is in error, then Form 1099-R should be corrected. The IRS receives a copy of government issued forms. Any adjustments must be done by the administrator of the account before the recipient reports them on Form 1040.

 

For more information, see: When to Use Tax Form 1099-R: Distributions From Pensions, Annuities, Retirement, etc. - TurboTax Tax...

 

cpuxap
Level 1

How do i post the following in turbo tax my 1099r has one amount for pension and my ira. no state taxes but taxes on my ira. the system puts everything as a reduct

Thanks for the reply. Box 2a has taxable for the full amount 

the state of Michigan does not tax pensions of government employee

the annuity is taxable

I made contribution and the city contributed  

trying to have turbo tax distinguish between the two amounts for the state taxes.

AmyC
Expert Alumni

How do i post the following in turbo tax my 1099r has one amount for pension and my ira. no state taxes but taxes on my ira. the system puts everything as a reduct

In the MI program, there is a screen that says Where Did Your Retirement Income Come From?

For the government pension:

  1. That screen will list each 1099-R you enter.
  2. Each 1099-R lists the distribution amount
  3. Each 1099-R has a dropdown box
  4. The dropdown box has the option to mark it as government employee.

For the annuity:

The state taxable amount should be the correct amount having already taken your contributions into account.

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cpuxap
Level 1

How do i post the following in turbo tax my 1099r has one amount for pension and my ira. no state taxes but taxes on my ira. the system puts everything as a reduct

The state is michigan

not an ira

its classified as annuitie on my 1099r

the pension office charges federal on the whole amount.

pension part is not taxed by Michigan on government employee (city) but the rest of the income is

cpuxap
Level 1

How do i post the following in turbo tax my 1099r has one amount for pension and my ira. no state taxes but taxes on my ira. the system puts everything as a reduct

thanks for the info

took me a while where to find your answer

currently i enter the information on the federal side

when done it creates the state side, whit the answer as to how much i owe or refund

how do i get into the state side where i can enter the information or make changes

thank you for your assistance

 

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