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