How should pension distributions from the PBGC be classified?

Expert Alumni

Feb 18, 2021 2:44:31 PM

According to the Pension Benefit Guaranty Corporation website, they will be sending a 1099-R to you with instructions to assist you with your taxes. If you have not received one by today, you can retrieve the 1099-R form through MyPBA.

See this page for more information PBGC.

Level 15

Feb 18, 2021 4:43:57 PM

Not sure what you mean really by "Classified".....What are you looking at in the software?

Just wild Guessing as to exactly what you are looking at....PBGC implies it is a qualified plan. but is a bit wishy-washy.

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"Is my pension plan a tax-qualified plan under IRS rules?

Most likely, yes. PBGC treats the pension plans it insures as qualified."

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https://www.pbgc.gov/wr/transactions/irs-1099/irs-form-1099-r-frequently-asked-questions

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How should pension distributions from the PBGC be classified?