turbo tax has a canadian rgistered pension page, it asks for total distrbution and taxable part, what is the diff between the two

roscr — Mon, 12 Dec 2022 22:35:12 GMT

Re: turbo tax has a canadian rgistered pension page, it asks for total distrbution and taxable part, what is the diff between the two

Anonymous_ — Tue, 13 Dec 2022 00:10:37 GMT

Re: turbo tax has a canadian rgistered pension page, it asks for total distrbution and taxable part, what is the diff between the two

pk — Wed, 14 Dec 2022 22:14:18 GMT

@roscr in the US the pension plans often have a contributory portion either tax deferred or after tax monies. The after tax contribution is amortized over the life of the pension distribution/ beneficiary. Thus all distributions are broken into two parts --- portion that has already been taxed ( i.e. allocated portion of the pre-taxed contribution based on amortization schedule ) and portion that is now taxable consisting of the employer contribution, growth etc.. Thus total distribution is the total monies distributed ( for the tax year ) of which taxable portion is Total LESS allocated individual's contribution. Thus when you are recognizing a pension distribution from any source ( qualified pension schemes ), Turbo is asking to fill in the 1099-R information i.e. total amount distributed and the allocated taxable portion ( i.e. Total less allocated after tax contributory portion ).

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topic turbo tax has a canadian rgistered pension page, it asks for total distrbution and taxable part, what is the diff between the two in Get your taxes done using TurboTax

turbo tax has a canadian rgistered pension page, it asks for total distrbution and taxable part, what is the diff between the two

Re: turbo tax has a canadian rgistered pension page, it asks for total distrbution and taxable part, what is the diff between the two

Re: turbo tax has a canadian rgistered pension page, it asks for total distrbution and taxable part, what is the diff between the two