Retirement Contributions for opm

[dmhfamily]

This is my first year receiving an OPM annuity.  I'm trying to figure out how to fill out your 1099 worksheet and I'm lost.   Any step-by-step directions?

[macuser_22]

I believe that OPM has a retirement help line to assist first time filers.

That is probably a CSA 1099-R from OPM.

The taxable amount in box 2a is usually the box 1 amount unless you have after-tax contributions in the retirement plan and use the simplified method. If this is NOT the first year of receiving payments, then you should use the same method that was used last year - either the box 1 amount or the simplified method, using the carry forward simplified information from last year.

If box 2a is blank or UNKNOWN then there should be amount in box 9b to use with the simplified method. If no amount in 9b then contact OPM to find the account "basis".

Enter a 1099-R here:

Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

[ColeenD3]

All you need to do is answer the questions in the interview. If you don't have the answers at hand, you will need to find the information from the provider.

If you have an amount in Box 5 and taxable amount not determined, the interview will guide you.

You will be asked if any of the Box 5 amount is for Health Insurance, if you got regular (monthly) payments, if you started in 2020.

You will then be get the chance to figure how much is taxable.