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Level 2

Question

Retirment pension distribution

Forum|Forum|4 years ago
April 8, 2022
3 replies
18 views

I receive a monthly pension from VRS as a retired teacher. I have federal and state taxes withheld. When I entered the 1099-R information, it is asking questions as if I am withdrawing money from the account. How can I enter the 1099-R to reflect the normal distribution of my retirement?

Level 14

You do not have to do anything to reflect that your 1099-R is a normal distribution. When you enter the information from your 1099-R the TurboTax uses that information to properly record the transaction as a distribution from your retirement plan. Your retirement plan is your account.

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MsSdotjonesAuthor

Level 2

TT is asking what I did with the distribution. I did not take out any funds from the fund. I am receiving my monthly pension only. The options are 1) rolled it over to another fund or 2) cashed out which my monthly amount does not fall under either category. Thanks!

Level 15

Yes, it effectively falls under #2....cash, or money monthly into your bank account, or a regular check is (effectively) all the same things.

Yeah, perhaps TTX needs to extend the sentence to add a few other handwaving payout options to # 2 to cover everything .... to avoid such confusion.

______________________

Essentially, they only need to know if you:

1) rolled over the $$ to another Retirement account (401k, IRA etc)

2) got the money in some way and didn't do #1

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*