Upon retirement from the NYPD I took a pension loan and rolled it over into an IRA. When I start to take money from this IRA and enter it into Turbo Tax section do I select the option “IRA rolled over from a government pension”
You'll need to sign in or create an account to connect with an expert.
I ran this in my Turbo Tax test account and that option never appeared in the Federal interview or in the state return. Where did this appear for you?
If you received a loan from your pension plan that you must pay back and not a distribution reported on a Form 1099-R from the pension plan, this sounds like you simply used the money to make a regular contribution to an IRA and it is not a rollover of any kind.
When you retire from the NYPD you can take the money from your pension that was not taxed in a lump sum and put it in an IRA, which I did. My question is when you start to withdraw the money RMD at age 70 1/2 when you enter it in the turbo tax program it asks if that money was earned as a public safety officer. So that question would be marked as Yes. After you continue a list comes up and one of the options to pick is “IRA rolled over from a government pension”.
That is what I am looking at. Would you choose option.
Yes, it appears that you established this IRA by a rollover from a government pension (for which you would have received a Form 1099-R for the year of the rollover) and that you did not receive any loan. A distribution from the IRA would be reported on a different Form 1099-R.
After you enter the info from the 1099R the next page asks if this money was earned as a public safety officer, which I did so if would check this box. The next page gives a list of different options to choose from such as, federal pension, teachers pension, government and local pensions, etc and the one option before the last is “IRA rolled over from a government pension”
does my situation count as this?
You should choose "IRA rolled over from a government pension."
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
atn888
Level 2
evanges1
New Member
jawckey
Level 4
fmajor743
New Member
ekklesia01
Level 1