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No, you are not being penalized. When you enter the 1099-R, it is being included as income and you pay taxes on it, just like everyone else does. If you did not have taxes withheld from the amounts you received, you may end up owing money when you file your tax return. This appears to be what happened.
No, you are not being penalized. When you enter the 1099-R, it is being included as income and you pay taxes on it, just like everyone else does. If you did not have taxes withheld from the amounts you received, you may end up owing money when you file your tax return. This appears to be what happened.
Everyone who receives retirement income has to enter their 1099R--not just veterans.
Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.
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