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IreneD
New Member

I receive a monthly pension and working on my 2016 taxes, a portion of the pension income from my 1099-R is showing as excluded. I turned 59 in 2/16. Is that why?

 
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MichaelDC
New Member

I receive a monthly pension and working on my 2016 taxes, a portion of the pension income from my 1099-R is showing as excluded. I turned 59 in 2/16. Is that why?

No, turning 59-1/2 in 2016 only keeps you from incurring a 10% penalty for early distribution.

If you made any after-tax contributions to your pension/annuity plan, you can exclude part of your pension/annuity from taxable income.

Note: Your contributions are reflected in box 5, Form 1099-R.


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3 Replies
MichaelDC
New Member

I receive a monthly pension and working on my 2016 taxes, a portion of the pension income from my 1099-R is showing as excluded. I turned 59 in 2/16. Is that why?

No, turning 59-1/2 in 2016 only keeps you from incurring a 10% penalty for early distribution.

If you made any after-tax contributions to your pension/annuity plan, you can exclude part of your pension/annuity from taxable income.

Note: Your contributions are reflected in box 5, Form 1099-R.


IreneD
New Member

I receive a monthly pension and working on my 2016 taxes, a portion of the pension income from my 1099-R is showing as excluded. I turned 59 in 2/16. Is that why?

Thank you for your help!
MichaelDC
New Member

I receive a monthly pension and working on my 2016 taxes, a portion of the pension income from my 1099-R is showing as excluded. I turned 59 in 2/16. Is that why?

Thank you. More than a pleasure!
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