Pension/retirement income is reported on a Form 1099-R that you would receive each year in January for the prior year. Federal income taxes withheld are shown in box 4 of the form and entered on a Form 1040 as a tax payment. The 1099-R is reported on a tax return.
To enter, edit or delete 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
If you have fed withholding taken out on 1099R box 4 it will show up on 1040 line 16 with withholding.
Do you need to tell the pension how much to withhold? You give them a W4-P. Here's a blank one