Retirement income change

My husband has received disability retirement payments since 1995, and in 2020 he turned 60 in June 23rd. 60 is the youngest year he could have retired with the company he worked for if he had not become disabled. When I answer the Turbo Tax question: "Did he receive retirement income in 2020 before or after age 60", do I answer yes or no? He was 60 for half the year.

811

Expert Alumni

Mar 2, 2021 6:29:33 PM

You would answer that question no because before then, his disability payments were reported on a W2. is this correct?

This year he received a 1099-R, which means he is now receiving retirement income. Let me know if my sequence of events are correct.

[Edited 03-02-2021|06:45 PM PST]

New Member

Mar 2, 2021 7:13:49 PM

No, it wasn't a W2 before, it was always a 1099-R, but in previous years there was always a "Taxable Amount" listed in Box 2a, but this year it was blank and Box 2b "Taxable amount not determined" had an "X" in it. That confused me also.

Expert Alumni

Mar 2, 2021 7:20:59 PM

This year it is taxable because it is considered a normal retirement since he turned 59 1/2.

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Retirement income change