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ssalles
New Member

PA Retirement Income Selection?

I receive retirement pensions from my company through Vanguard.  I don't know what kind to select in my PA tax return.  In the 1099-r form it says defined benefit plans.  The choices in the selection box does not include pension.


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re2boys
Level 9

PA Retirement Income Selection?

Retirement in PA:


During the PA interview, you will be asked what type of retirement plan distribution is represented by each 1099R.


If box 7 on the 1099R is coded 4 or 7, it is not taxable.  If it coded with an "D" such as 1D or 4D or 7D, it is from a commercial annuity and is taxable same as federal.


If it coded a 1 or 2 it is an early distribution and is taxable to the extent it exceeds your basis in the plan.  Your basis in the plan is the sum of all contributions you made over the years less all previous distributions from the plan.  You may need to ask the plan administrator for this information.


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3 Replies
re2boys
Level 9

PA Retirement Income Selection?

What is the code in box 7 of your 1099R?  PA resident?
ssalles
New Member

PA Retirement Income Selection?

Box 7 code is "7"
re2boys
Level 9

PA Retirement Income Selection?

Retirement in PA:


During the PA interview, you will be asked what type of retirement plan distribution is represented by each 1099R.


If box 7 on the 1099R is coded 4 or 7, it is not taxable.  If it coded with an "D" such as 1D or 4D or 7D, it is from a commercial annuity and is taxable same as federal.


If it coded a 1 or 2 it is an early distribution and is taxable to the extent it exceeds your basis in the plan.  Your basis in the plan is the sum of all contributions you made over the years less all previous distributions from the plan.  You may need to ask the plan administrator for this information.


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