Solved: I only received pension from opm should be no tax on amount earned never has been. tax will try and receive tomorrow
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billyball1124
New Member

I only received pension from opm should be no tax on amount earned never has been. tax will try and receive tomorrow

what line do i put the pension money on so dont count as tax income
1 Best answer

Accepted Solutions
BMcCalpin
Level 13

I only received pension from opm should be no tax on amount earned never has been. tax will try and receive tomorrow

The TurboTax interview will walk you through the process of entering the information off of the CSA 1099-R and then correctly compute your taxable income.

Normally, most or all of the income from a pension from the OPM is taxable. However, the fact that it is taxable doesn't mean that you always actually pay tax, because whether or not you will owe tax depends on other factors, such as your filing status, other income, deductions and credits, and so on.

The reporting of pension/annuity income from the OPM is complicated, because it depends on how much money you invested in the plan. This investment is also called the plan "cost" or your "contribution". It appears in box 9b of the CSA 1099-R.

If you have an investment in the plan, then as the pension/annuity is paid out, each payment is considered to be part your investment being returned to you and part money that the OPM is giving you. Your investment being returned to you is not taxable while the OPM's part is taxable to you.

Again, as I noted above, whether or not you will owe any tax depends on a number of other factors, such as your filing status, other income, deductions and credits, and so on.


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1 Reply
BMcCalpin
Level 13

I only received pension from opm should be no tax on amount earned never has been. tax will try and receive tomorrow

The TurboTax interview will walk you through the process of entering the information off of the CSA 1099-R and then correctly compute your taxable income.

Normally, most or all of the income from a pension from the OPM is taxable. However, the fact that it is taxable doesn't mean that you always actually pay tax, because whether or not you will owe tax depends on other factors, such as your filing status, other income, deductions and credits, and so on.

The reporting of pension/annuity income from the OPM is complicated, because it depends on how much money you invested in the plan. This investment is also called the plan "cost" or your "contribution". It appears in box 9b of the CSA 1099-R.

If you have an investment in the plan, then as the pension/annuity is paid out, each payment is considered to be part your investment being returned to you and part money that the OPM is giving you. Your investment being returned to you is not taxable while the OPM's part is taxable to you.

Again, as I noted above, whether or not you will owe any tax depends on a number of other factors, such as your filing status, other income, deductions and credits, and so on.


View solution in original post

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