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It depends. Is it a 1099R CSA, CSR, or regular 1099R? Also was this an early distribution because of COVID or a retirement distribution? Usually if a standard 1099R, the taxable amount is usually the same as the distribution unless certain conditions apply. Also, if it an early distribution, there may be a 10% early withdrawal penalty.
In answer to your question, many factors can determine the taxability of this pension distribution.
My TurboTax does not properly bookkeep IRA and Pension income properly. It puts information into box 5 that should be in box 4 for the 1040 tax form, I have checked all the input data and it is correct, but TurboTax is reporting it to the wrong box.
@R- wrote:
My TurboTax does not properly bookkeep IRA and Pension income properly. It puts information into box 5 that should be in box 4 for the 1040 tax form, I have checked all the input data and it is correct, but TurboTax is reporting it to the wrong box.
Did you check the IRA/SEP/SIMPLE box on the TurboTax Form 1099-R?
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