Will my return be similar to last year's return since my status has changed from employed to retired and I receive a pension?

danandjanescott · ‎June 6, 2019

Is it correct that I would probably use the $49.99 Turbo Tax service since in addition to wages paid to me in 2018 I received a final wages payout and also a small amount from my pension.

rliscinsky · ‎June 6, 2019

It will be similar with all other things remaining the same. You will lose your exemptions and your property taxes will be capped at $10K. Your reporting will be different in that you will list your final wages via your W2 but will list your pension earnings (and Social Security) on a different line. The BIG change will be in the tax rates due to the changes in the tax laws. Make sure you withhold enough for next year since your employer will no longer be doing that. Welcome to the ranks of the retired !!!

xmasbaby0 · ‎June 6, 2019

Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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Will my return be similar to last year's return since my status has changed from employed to retired and I receive a pension?