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New Member
posted Jun 5, 2019 11:44:07 PM

Should I be taxed on a pension?

Still have not answerd my question??

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1 Best answer
Level 2
Jun 5, 2019 11:44:09 PM

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."

2 Replies
Level 2
Jun 5, 2019 11:44:09 PM

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."

Level 2
Feb 7, 2021 6:39:24 AM

Noticed on my 1099 from Pension plan that is in Massachusetts they paid state for past 2 years even though I had moved to Florida in 2018. How do I recover those tax payments. I did notify pension plan provider the other day, and they will make change to discontinue withdrawal and payments to MA. Also I did not enter the Ma. state tax in my Federal form as only the amount was there and even though i noted it was Massachusetts, it did not have a state ID number, abd Tutbo tax would not except entry without it, do i need a new corrected 1099 with state ID as evidence of payment?