topic Retirement income change in Retirement tax questions

Retirement income change

Sammy126 — Wed, 03 Mar 2021 02:12:44 GMT

My husband has received disability retirement payments since 1995, and in 2020 he turned 60 in June 23rd. 60 is the youngest year he could have retired with the company he worked for if he had not become disabled. When I answer the Turbo Tax question: "Did he receive retirement income in 2020 before or after age 60", do I answer yes or no? He was 60 for half the year.

Re: Retirement income change

DaveF1006 — Wed, 03 Mar 2021 02:45:29 GMT

You would answer that question no because before then, his disability payments were reported on a W2. is this correct?

This year he received a 1099-R, which means he is now receiving retirement income. Let me know if my sequence of events are correct.

[Edited 03-02-2021|06:45 PM PST]

Re: Retirement income change

Sammy126 — Wed, 03 Mar 2021 03:13:49 GMT

No, it wasn't a W2 before, it was always a 1099-R, but in previous years there was always a "Taxable Amount" listed in Box 2a, but this year it was blank and Box 2b "Taxable amount not determined" had an "X" in it. That confused me also.

Re: Retirement income change

DaveF1006 — Wed, 03 Mar 2021 03:20:59 GMT

This year it is taxable because it is considered a normal retirement since he turned 59 1/2.