Question about 1099-R for my pension

[TxCatLady1]

I'm entering information for my 1099-R for my pension. Box 1 has the gross distribution (year total)and box 4 has the federal tax withheld (year total). Both numbers are correct. The next screen in Turbo Tax is asking me if the money came from a ROTH IRA account. I'm sure this is going to sound stupid, but I don't know. Because that's not the same as your 401(K), right? I'm embarrassed but would appreciate any help. Thanks 

[SweetieJean · Accepted solution]

You said the 1099-R was for a pension.  A pension is not a Roth IRA, nor is it a 401(k).  All three are different types of retirement plans.

[RayW7 · Accepted solution]

You can look at the distribution code in box 7, this may give you an indication of what type of account it is.  

In addition you can just call the payer and they can assist.

-follow this link for distribution code information-

What do all the codes in Box 7 of the 1099-R mean?

[TxCatLady1]

SweetieJean, that's what I thought and got confused by the question. 

[dmertz · Accepted solution]

It makes no sense for TurboTax to ask this question because the code in box 7 indicates the type of account from which the distribution was made.  [Edit: In this case, code 2 indicates that the distribution is not from a Roth IRA.]

[TxCatLady1]

RayW7, in box 7 it's a 2-early distribution exception applies (under age 59 1/2). My situation was that after 35 years with the company my job function was replaced with a temporary work force and I wasn't offered another position. That was October 2018 and I wouldn't be 55 until December of 2019. I lost Group Medical, but did start receiving my pension January 2020. I had the option to keep the money there but I didn't what any more ties with them. An emotional choice maybe. I moved everything to my bank and got accounts set up there. 

[TxCatLady1]

Hi, 

My email alert letting me know you responded shows a different response then the one you have hear. This is the what my email alert showed from you: TurboTax asking this question suggests that the Form 1099-R has codes 2 and B in box 7.  This distribution is not from a Roth IRA.  It's understandable that you would question the nature of this question asked by TurboTax.  This unnecessary question by TurboTax to which the only correct answer is No causes frustration for the unwary who, unlike yourself, do not know that a designated Roth account in a qualified retirement plan is not a Roth IRA and, when they mistakenly answer Yes, causes TurboTax to flag an error without any explanation.

My response: Box 2a has the taxable amount Box 2b says "taxable amount not determined total distribution. 

Box 7 shows the number 2. 

Again, sorry if I'm looking like a idiot. Thanks in advance!

[macuser_22]

This thread is confusing.    What is actually in box 7 - a "2"  or "2B"?

What is in box 2a?

Is box 2b (not determined checked"

Is the IRA/SEP/SIMPLE box next to box 7 checked?

[macuser_22]

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@TxCatLady1 wrote:

Hi, 

My email alert letting me know you responded shows a different response then the one you have hear. This is the what my email alert showed from you: TurboTax asking this question suggests that the Form 1099-R has codes 2 and B in box 7.  This distribution is not from a Roth IRA.  It's understandable that you would question the nature of this question asked by TurboTax.  This unnecessary question by TurboTax to which the only correct answer is No causes frustration for the unwary who, unlike yourself, do not know that a designated Roth account in a qualified retirement plan is not a Roth IRA and, when they mistakenly answer Yes, causes TurboTax to flag an error without any explanation.

My response: Box 2a has the taxable amount Box 2b says "taxable amount not determined total distribution. 

Box 7 shows the number 2. 

Again, sorry if I'm looking like a idiot. Thanks in advance!

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If box 7 is "2"  then the money did NOT come from a Roth.    I don't know why TurboTax is even asking the question - it must be a programing error.

[TxCatLady1]

Hi all that responded. I'm going to go back into it and see what happens. Are we allowed to share screen shots here? I'll be reporting back. 

[TxCatLady1]

OK, I got past that screen. But now the screen says "what did you do with the money from ****?

1. I moved the money to another retirement account (or returned it to the same retirement account)

2. I did something else with it (cashed out, etc.)

Choose which of the following applies:

1. I rolled over all this money

2. I rolled over part of this money to another account. 

I don't understand why it's asking this. The amounts on the 1099-R are the year totals of the amount I received monthly for my pension and the amount of taxes taken out. 

[DoninGA · Accepted solution]

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@TxCatLady1 wrote:

OK, I got past that screen. But now the screen says "what did you do with the money from ****?

1. I moved the money to another retirement account (or returned it to the same retirement account)

2. I did something else with it (cashed out, etc.)

Choose which of the following applies:

1. I rolled over all this money

2. I rolled over part of this money to another account. 

I don't understand why it's asking this. The amounts on the 1099-R are the year totals of the amount I received monthly for my pension and the amount of taxes taken out. 

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Since this is for a pension, just choose Did something else and Continue.

[TxCatLady1]

I want to thank everybody who helped me on this message thread. I've finished and I'm kinda shocked at what I owe. I've got another question, but I'll post it as new and not add to this thread. Again, thanks for the help. 

[Chaitai]

Hi my name is Jerry had to filed my tax return in April 15 but I still not receive my return today 

[DoninGA]

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@Chaitai  wrote:

Hi my name is Jerry had to filed my tax return in April 15 but I still not receive my return today 

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Go to this IRS website for operational status - https://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue

As of May 15, 2021, we had 300,000 individual tax returns received prior to 2021 in the processing pipeline. Including current year returns, as of May 15, 2021, we had 16.4 million unprocessed individual returns in the pipeline. Unprocessed returns include those requiring correction to the Recovery Rebate Credit amount or validation of 2019 income used to figure the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC). This work does not require us to correspond with taxpayers but does require special handling by an IRS employee so, in these instances, it is taking the IRS more than 21 days to issue any related refund. If, as a result, a correction is made to any RRC, EITC or ACTC claimed on the return, the IRS will send taxpayers an explanation. Taxpayers are encouraged to continue to check Where’s My Refund? for their personalized refund status and can review Tax Season Refund Frequently Asked Questions.

Once a tax return has been Accepted by the IRS or a State, TurboTax receives no further information concerning the tax return or the status of any tax refund.

If accepted by the IRS use the federal tax refund website to check the refund status - https://www.irs.gov/refunds
If accepted by the state use this TurboTax support FAQ to check the state tax refund status - https://ttlc.intuit.com/questions/1899433-how-do-i-track-my-state-refund

After the tax return has been Accepted by the IRS (meaning only that they received the return) it will be in the Processing mode until the tax refund has been Approved and then an Issue Date will be available on the IRS website.
See this IRS website for federal tax refund FAQ's - https://www.irs.gov/refunds/tax-season-refund-frequently-asked-questions
If over 21 days since being Accepted by the IRS and the tax refund is still Processing you can call the IRS and speak with an IRS agent concerning your tax refund.
Call the IRS: 1-800-829-1040 hours 7 AM - 7 PM local time Monday-Friday
When calling the IRS do NOT choose the first option re: "Refund", or it will send you to an automated phone line.
So after first choosing your language, then do NOT choose Option 1 (refund info). Choose option 2 for "personal income tax" instead.
Then press 1 for "form, tax history, or payment".
Then press 3 "for all other questions."
Then press 2 "for all other questions."
- When it asks you to enter your SSN or EIN to access your account information, don't enter anything.
- After it asks twice, you will get another menu.

Press 2 for personal or individual tax questions.
Then press 4 for all other inquiries
It should then transfer you to an agent.