turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

If Turbo Tax is asking me what I did with my pension distribution from the Commonwealth of Mass, aren't they assuming I took a 'deferred compensation' account withdrawal?

Why does Turbo Tax ask me what I did with my pension distribution?  They ask
whether I 'moved the money to another retirement account or cashed out?  To me these questions involve 401K withdrawals, not government pension payments.  Turbo Tax does not seem to be differentiating pension distribuitons from 401K withdrawals are they?
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

If Turbo Tax is asking me what I did with my pension distribution from the Commonwealth of Mass, aren't they assuming I took a 'deferred compensation' account withdrawal?

If it's asking what you did with the money.  It should have 2 choices.  If you didn't do the first one then just select the other one.  All it really wants to know is if you rolled it over or put it into another retirement account or even back to the same account.

 

If you get a monthly pension check then pick the other circle for I did something else with it.  You did get the cash each month.  That is "something else”.

If Turbo Tax is asking me what I did with my pension distribution from the Commonwealth of Mass, aren't they assuming I took a 'deferred compensation' account withdrawal?

Your 1099R doesn't say if it is a pension or 401K withdrawal.  It only knows if it is a IRA or 401K/pension.  401K and pensions go on the same line 4c/4d on your tax return. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies