topic Allianz Distribution for Pa in State tax filing

Allianz Distribution for Pa

GHKPA — Sun, 28 Feb 2021 15:57:01 GMT

After my Dad's death, I received a 1099-R Distribution with code 4D where the taxable amount in box 2a is about 40% of the amount in Box 1. I've entered all the correct data into the Federal form but what "State Type Code", for retirement income, do I enter into the PA tax form? Is it "I'm eligible; plans eligible (No Pa Tax)" or something else?

Re: Allianz Distribution for Pa

ErnieS0 — Sun, 28 Feb 2021 19:30:59 GMT

No. Enter this as “Non-qualified deferred comp. plan.”

Pennsylvania says, “If you invested in a retirement annuity that is not part of an employer-sponsored program or a commonly recognized retirement program, you have PA taxable income when you begin receiving annuity payments.

For tax years beginning on or after January 1, 2005, any amounts reported in gross income for Federal Income Tax purposes for a retirement annuity that is not an employer sponsored retirement annuity (reported as Codes 1D, 2D, 3D, 4D or 7D in Box 7 beginning with 2013 Forms 1099-R) are reported as interest income on PA Schedule A regardless of whether the annuity payments began before January 1, 2005, or on or after January 1, 2005.""

You will have to provide information about the “Basis of Retirement Income,” i.e. the amount your dad invested in the annuity, to determine the taxable amount.

Related Resource:

How do I know if the amount on my 1099R (1099-R) is taxable on my PA Personal Income Tax Return?

Re: Allianz Distribution for Pa

GHKPA — Wed, 03 Mar 2021 10:02:51 GMT

Appreciate the quick response. Thanks for your input, it was very helpful.