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I retired on Feb1,2016. I worked for Jan 2016 only. How do I claim income for 2016?
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I retired on Feb1,2016. I worked for Jan 2016 only. How do I claim income for 2016?
You'll report it the same way you did when you were working full time. If you were an employee, enter your W-2 into TurboTax just as you always have. In addition, you'll enter any retirement income you received on a Form 1099-R (click Federal Taxes, then Wages & Income, the scroll down to Retirement Plans & Social Security. That's where you'll enter any Social Security benefits received, as well. So it's the same process as always.
You can change your occupation in the Personal Info section if you like. That's entirely up to you.
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I retired on Feb1,2016. I worked for Jan 2016 only. How do I claim income for 2016?
- Mark as New
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- Email to a Friend
- Report Inappropriate Content
I retired on Feb1,2016. I worked for Jan 2016 only. How do I claim income for 2016?
You'll report it the same way you did when you were working full time. If you were an employee, enter your W-2 into TurboTax just as you always have. In addition, you'll enter any retirement income you received on a Form 1099-R (click Federal Taxes, then Wages & Income, the scroll down to Retirement Plans & Social Security. That's where you'll enter any Social Security benefits received, as well. So it's the same process as always.
You can change your occupation in the Personal Info section if you like. That's entirely up to you.