topic Health Insurance Amount in Retirement tax questions

Health Insurance Amount

GayleG — Wed, 05 Feb 2020 22:14:47 GMT

Is the amount in Box 5 of 1099-R the amount to enter for "How much of ___'s pension the plan administrator paid directly for health insurance"?

Re: Health Insurance Amount

MinhT1 — Wed, 05 Feb 2020 22:39:33 GMT

No, health insurance is not reported in box 5 of form 1099-R.

This is what box 5 should contain:

Box 5. Employee Contributions/Designated Roth Contributions or Insurance Premiums Enter the employee's contributions, designated Roth contributions, or insurance premiums that the employee may recover tax free this year (even if they exceed the box 1 amount). The entry in box 5 may include any of the following: (a) designated Roth contributions or contributions actually made on behalf of the employee over the years under the plan that were required to be included in the income of the employee when contributed (after-tax contributions), (b) contributions made by the employer but considered to have been contributed by the employee under section 72(f), (c) the accumulated cost of premiums paid for life insurance protection taxable to the employee in previous years and in the current year under Regulations section 1.72-16 (cost of current life insurance protection) (only if the life insurance contract itself is distributed), and (d) premiums paid on commercial annuities. Do not include any DVECs, elective deferrals, or any contribution to a retirement plan that was not an after-tax contribution.

Re: Health Insurance Amount

GayleG — Wed, 05 Feb 2020 23:06:18 GMT

Thank you but if it is not the amount of Box 5, do you know where I would get the information to answer this TurboTax question? Do you just add up the amount deducted for health insurance from each annuity payment for the year?

Re: Health Insurance Amount

DaveF1006 — Thu, 06 Feb 2020 01:35:10 GMT

Box 5 is the employee contribution amount you paid into your retirement plan. Turbo Tax is asking how much of that is paid by the pension administrator so yes, you will add up the amount deducted for health insurance during the year and answer that question.