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Level 2
posted Jun 1, 2019 12:03:00 PM

I receive monthly retirement payments do i have to say what i did with the money

After filling in 1099r (from OPM - for civil service annuity), it asks "What did you do with the money from Office of Personnel Management"...  why? 

Also noticed that in the Tax Data Menu pick Turbo Tax 2018 records the Health Contribution as input from box 6 (actually from box 5 - there is no box 6 on 1099r from OPM) and then records Total Employee Contributions (1099r box 9b) as Health Contribution (really box 5).  Would this have something to do with why its asking what i did with the money - does it think something was done with the 401K (TSP) which triggered the question???

After filling in 1099r (from OPM - for civil service annuity), it asks "What did you do with the money from Office of Personnel Management"...  why - and to make it worse there are only 2 options of which neither are correct!?!?  How do I fix it???

1 5 3082
1 Best answer
Level 3
Jun 1, 2019 12:03:01 PM

TT is asking what you did with the 1099-R income because if you rolled those monies over into a qualifying account the income may not be taxable. Follow this link for more information:
https://success.guideline.com/hc/en-us/articles/360007749031-Why-would-I-receive-a-1099-R-and-what-i...



5 Replies
Level 3
Jun 1, 2019 12:03:01 PM

TT is asking what you did with the 1099-R income because if you rolled those monies over into a qualifying account the income may not be taxable. Follow this link for more information:
https://success.guideline.com/hc/en-us/articles/360007749031-Why-would-I-receive-a-1099-R-and-what-i...



Level 2
Jun 1, 2019 12:03:03 PM

I understand that the 1099-R reflects technically withdrawal from the Civil Service Retirement Fund (aka retirement income), but it seems Turbo Tax does not recognize that it is strictly an annuity payment for me and has nothing to do with a 401K or IRA or Roth IRA or rollovers or anything like that?  How can I be sure its not reporting something that has other major tax implications????

Level 15
Jun 1, 2019 12:03:04 PM

There is nothing in the box 7 code that distinguishes between a retirement plan that can be rolled over and a pension so TurboTax does not know what type of plan it is..    Simply say that you did something else with the money since a pension is not eligible for rollover.

Level 3
Jun 1, 2019 12:03:05 PM

Thanks macuser_22 --- well said.

Level 2
Jun 1, 2019 12:03:06 PM

Thank you very much for your speedy replies and help.  Problem solved!