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RetiredEastFalls
Returning Member

Pension income distribution language in Turbo Tax

I started receiving monthly payments from my pension plan in 2019.  It is a qualified pension plan.  Turbo Tax asks "What did you do with the money?" and then gives me a choice of either saying I moved to another retirement account (which I did not) or I "did something else with it (cashed out, etc.)".  

 

I don't understand this question.  I didn't "cash out" the pension plan; I am getting a monthly income payment from it.  How should I reply to this question.  HELP!

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1 Reply

Pension income distribution language in Turbo Tax

Just answer Did something else with it and Continue.  You used the money received and Did not move it to some other tax deferred retirement account.

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