One quarter of my pension distribution installments occurred after attaining age 59 1/2. does that affect my taxable income amount?

[mwise]

monthly installments in equal amounts were paid to me in 2017.

[DoninGA · Accepted solution]

You should have received or will receive two Form 1099-R's for the pension payments in 2016.  One Form 1099-R will be for the pension received prior to age 59 1/2 and should have a code 2 entered in box 7 of the form (Early distribution, exception applies (under age 59½)).  The second Form 1099-R will be for the pension received after age 59 1/2 and should have a code 7 entered in box 7 of the form (Normal distribution).

You enter each of the Form 1099-R's into the program separately.  The taxes withheld from the pensions and shown in box 4 of the form are entered by the program on Form 1040 Line 64 as a tax payment (just like from a W-2).

To enter a form 1099-R -

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on (if shown)
• Scroll down to Retirement Plans and Social Security
• On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099 r in the Search box located in the upper right of the program screen.  Click on Jump to 1099 r