Solved: TurboTx is handling my monthly retirement payments as an IRA. How do I say it is a pension plan.
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tt2016fed-st
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TurboTx is handling my monthly retirement payments as an IRA. How do I say it is a pension plan.

I get a monthly pension from the company I retired from and Turbotax is treating it as an IRA.  It is not an IRA, how do I tell Turbotax it is a pension?

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Accepted Solutions
BMcCalpin
Level 13

TurboTx is handling my monthly retirement payments as an IRA. How do I say it is a pension plan.

On the form 1099-R, between boxes 7 and 8, there is a small checkbox labeled "IRA/ SEP/ SIMPLE". It should be not checked.

Three things:
1. Checking this box will tell TurboTax that your retirement plan is an IRA, so you don't want it checked.

2. Did you import the 1099-R? If so, the import may have gotten confused. Write down the information on the 1099-R, delete the 1099-R, and then re-enter it manually and see if that fixes the problem.

3. If your 1099-R does have the box checked, contact the retirement plan administrator and tell them to correct it, because there are all sorts of consequences - especially at the state level - in confusing the two.

View solution in original post

1 Reply
BMcCalpin
Level 13

TurboTx is handling my monthly retirement payments as an IRA. How do I say it is a pension plan.

On the form 1099-R, between boxes 7 and 8, there is a small checkbox labeled "IRA/ SEP/ SIMPLE". It should be not checked.

Three things:
1. Checking this box will tell TurboTax that your retirement plan is an IRA, so you don't want it checked.

2. Did you import the 1099-R? If so, the import may have gotten confused. Write down the information on the 1099-R, delete the 1099-R, and then re-enter it manually and see if that fixes the problem.

3. If your 1099-R does have the box checked, contact the retirement plan administrator and tell them to correct it, because there are all sorts of consequences - especially at the state level - in confusing the two.

View solution in original post

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