I will receive my first work pension payment in Mar 2021 retroactive to Dec 2020. Do I declare the December 2020 part as 2020 income or do I pay tax on all in 2021?
In other words, will I be paying taxes on 13 months of work pension payments in 2021, since it all arrived in 2021, or am I expected to declare the December portion as 2020 pension income?
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1 Best answer
DaveF1006
Expert Alumni
Feb 22, 2021 6:07:57 PM
No, you will declare all income and taxes withheld in your 2021 tax return. You will receive a form 1099-R that reports all income and taxes withheld.
1 Replies
DaveF1006
Expert Alumni
Feb 22, 2021 6:07:57 PM
No, you will declare all income and taxes withheld in your 2021 tax return. You will receive a form 1099-R that reports all income and taxes withheld.