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raycray1
New Member

my income last year was disability social security and pension , i paid taxes on pension is the pension taxes paid deductible?

I can no longer work amputations ,did i need to pay federal taxes on my pension payments?
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1 Reply
MinhT1
Employee Tax Expert

my income last year was disability social security and pension , i paid taxes on pension is the pension taxes paid deductible?

Yes, your pension is taxable, and taxes paid on your pension are taxes withheld.

 

Tax withheld is just an estimated advance payment of your taxes. The final tax amount can only be determined when you fill out your tax return. The taxes withheld serve as a credit against your tax liability. If too much tax was withheld, you'll receive a refund; otherwise, there'll be a tax due.

 

You have to enter the form 1099-R that you receive for your pension on your tax return.

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