New payer name on 1099-R but same fund

[darbutis]

I'm entering a 1099-R from Macy's Retirement.  Previously it came from "Retirement Services / Macy's."  This year's 1099 shows the payer as Principal Bank.  How do I answer the question "Is this the first year getting regular payments from Principal Bank"?   Same retirement fund, no changes other than payer name.

[JamesG1]

Your retirement plan has a new administrator which means that there is a new name, EIN and address on the 1099-R.  There likely is no change in the amount paid or the taxability of the amount.

It is hard to know without seeing the 1099-R, but if you state that this is the first year, you are likely to arrive at a similar taxable income from this investment as you received last year.

[dmertz]

The question is misleading.  It's really asking if this is the first year you received regular (periodic) payments from this retirement annuity or defined benefit plan.  Since you received payments from this plan prior to to 2022, regardless of who was named as the payer, indicate that this is not the first year you received these payments.  (If you did a pension buyout of the Macy's pension, the answer might be different.)

[darbutis]

To clarify my question, the payer name, address and ein are all different from the past.  There has not been a buy-out.  I continue to receive monthly payments same as in the past 10 years.

[dmertz]

Then answer that this is not the first year.  TurboTax is an area where the wording of the question is overly specific such that it's not asking the right question.   Ignore the words "from  Principal Bank."  (TurboTax uses this sort of misleading wording in several places where it's meant to identify the Form 1099-R by the payer name but the wording mistakenly implies things beyond that intent.