Recording Pension income

[DM5269]

Does it make a difference whether we enter pension income as W-2 income?  We've been retired for many years and this is the first time I noticed what we've been receiving is a 1099-R and not a W-2.  We've reported as W-2 income for 18 years.  Nobody at IRS has ever said anything about it, we've always had to pay in since retirement, instead of receiving a refund.  Is this something we need to address or doesn't it make much of a difference? 

[ThomasM125]

Both wage income reported on a W-2 form and taxable pension income reported on a form 1099-R are ordinary income as opposed to capital gain income so they should be taxed the same. So, it shouldn't make a difference which form the income was reported on in the past. You should enter it based on what form it is reported on going forward though.

You enter form 1099-R in the Income and expenses section of TurboTax, then Retirement Plans and Social Security, then Social Security (SSA-1099, RRB-1099).

[jreilly71]

where do list my 1099R

[DoninGA]

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@jreilly71 wrote:

where do list my 1099R

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To enter, edit or delete 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