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cathleen-cowan
New Member

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

 
3 Replies
cathleen-cowan
New Member

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
DoninGA
Level 15

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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