Solved: Should I be taxed on a pension?
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Should I be taxed on a pension?

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Level 2

Should I be taxed on a pension?

Generally, yes. You should receive a 1099-R.

https://ttlc.intuit.com/replies/3301565

This IRS tool will help you determine if your pension is taxablehttps://www.irs.gov/help/ita/is-my-pension-or-annuity-payment-taxable

"Pension and annuity payments from qualified retirement plans are fully taxable. As with Social Security benefits, it’s up to you whether taxes are withheld from your benefits as you receive them. Withholding can make sense if it lets you avoid making quarterly estimated tax payments.

State tax laws vary. Some exempt certain types of pensions, such as military or government pensions, from state income taxes. Others allow a portion of any type of pension income to escape state income taxes. A few states fully tax pension income. You should get a Form 1099-R from the payer each year showing how much income you received."

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1 Reply
Level 2

Should I be taxed on a pension?

Generally, yes. You should receive a 1099-R.

https://ttlc.intuit.com/replies/3301565

This IRS tool will help you determine if your pension is taxablehttps://www.irs.gov/help/ita/is-my-pension-or-annuity-payment-taxable

"Pension and annuity payments from qualified retirement plans are fully taxable. As with Social Security benefits, it’s up to you whether taxes are withheld from your benefits as you receive them. Withholding can make sense if it lets you avoid making quarterly estimated tax payments.

State tax laws vary. Some exempt certain types of pensions, such as military or government pensions, from state income taxes. Others allow a portion of any type of pension income to escape state income taxes. A few states fully tax pension income. You should get a Form 1099-R from the payer each year showing how much income you received."

View solution in original post

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