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erli59
New Member

On Mike's 1099r was past early retirement age does this amount need to be added as earned income

 
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SteamTrain
Level 15

On Mike's 1099r was past early retirement age does this amount need to be added as earned income

No matter what the person's age is, the 1099-R must be entered in the software on the Wages&Income page.

It is not considered "earned" income, but it is considered as potential "taxable" income, depending on whether the $$ were put (effectively) in your pocket and then taxed, or.......... if "rolled" into an IRA, then it wouldn't be taxed...but teh IRS expects to see that 1099-R reported on your tax return.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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SteamTrain
Level 15

On Mike's 1099r was past early retirement age does this amount need to be added as earned income

No matter what the person's age is, the 1099-R must be entered in the software on the Wages&Income page.

It is not considered "earned" income, but it is considered as potential "taxable" income, depending on whether the $$ were put (effectively) in your pocket and then taxed, or.......... if "rolled" into an IRA, then it wouldn't be taxed...but teh IRS expects to see that 1099-R reported on your tax return.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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