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borowski3452
New Member

Where do I find the description or type of retirement distribution for my IAM National Fund Pension? Turbo tax is asking me this on my PA state tax.

 
1 Reply
re2boys
Level 9

Where do I find the description or type of retirement distribution for my IAM National Fund Pension? Turbo tax is asking me this on my PA state tax.

Retirement in PA:


During the PA interview, you will be asked what type of retirement plan distribution is represented by each 1099R.


If box 7 on the 1099R is coded 4 or 7, it is not taxable.  If it coded with an "D" such as 1D or 4D or 7D, it is from a commercial annuity and is 


taxable same as federal.


If it coded a 1 or 2 it is an early distribution and is taxable to the extent it exceeds your basis in the plan.  Your basis in the plan is the 


sum of all contributions you made over the years less all previous distributions from the plan.  You may need to ask the plan administrator for 


this information.


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