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I received a lump sum payment for my pension with US Foods, would this considered income?

 
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3 Replies

I received a lump sum payment for my pension with US Foods, would this considered income?

They did pull out deductions from the lump sum and sent me an earnings statement

I received a lump sum payment for my pension with US Foods, would this considered income?

Yes.  Pension/Retirement is income.  The administrator of the fund is required to send you a Form 1099-R for the distribution.  If you have not received the form then you need to contact the administrator and have them send you the Form 1099-R.

To enter a form 1099-R -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099 r in the Search box located in the upper right of the program screen.  Click on Jump to 1099 r

Chevo252
New Member

I received a lump sum payment for my pension with US Foods, would this considered income?

Hi. When did your earning statement come. Before or after payout

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