topic I receive a monthly pension and working on my 2016 taxes, a portion of the pension income from my 1099-R is showing as excluded. I turned 59 in 2/16. Is that why? in Retirement tax questions

I receive a monthly pension and working on my 2016 taxes, a portion of the pension income from my 1099-R is showing as excluded. I turned 59 in 2/16. Is that why?

IreneD — Tue, 04 Jun 2019 21:11:27 GMT

MichaelDC — Tue, 04 Jun 2019 21:11:29 GMT

No, turning 59-1/2 in 2016 only keeps you from incurring a 10% penalty for early distribution.

If you made any after-tax contributions to your pension/annuity plan, you can exclude part of your pension/annuity from taxable income.

Note: Your contributions are reflected in box 5, Form 1099-R.

IreneD — Tue, 04 Jun 2019 21:11:31 GMT

Thank you for your help!

MichaelDC — Tue, 04 Jun 2019 21:11:32 GMT

Thank you. More than a pleasure!