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

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

rziemer2
New Member

My pension is paid monthly and is based on the income I had at the time of retirement. How do I show that?

 
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

My pension is paid monthly and is based on the income I had at the time of retirement. How do I show that?

What question are you trying to answer?  You should get a 1099R to enter into your return.  

Enter a 1099R under
Federal Taxes
Wages & Income
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start

 

If it’s asking if you took the RMD,  Say all of it is the RMD.   If you need to take the RMD it will ask you if it is the RMD.  Say yes.  Anything your pension pays you is considered to be the  RMD.  Traditional pensions automatically fulfill the rules of an RMD. So for the RMD question put in the same amount as box 1.



DavidD66
Expert Alumni

My pension is paid monthly and is based on the income I had at the time of retirement. How do I show that?

If you receive a pension you should have received a Form 1099-R.  You would report the information on that form on your tax return.  The fact that you are paid monthly and the amount is based on your income at the time of your retirement are not things that you need to report on your tax return.   If you didn't receive a Form 1099-R, you need to contac the pension plan administrator to get a copy.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question