1099R - Qualified Retirement Plan
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msoccio
New Member

1099R - Qualified Retirement Plan

In 2019 I withdrew $93,000 from my Qualified Retirement Plan.  On my 1099-R,  Line 1 shows $93,000 Gross Distribution.  Line 2a Shows $93,000 Taxable Amount.  Nothing in line 2b and line 3.  Line 4 shows $18,600 Federal Income Tax Withheld.  Nothing in Line 5 or 6.  Line 7 only shows a Distribution Code of 7 and nothing in the IRA/SEP/Simple.  Nothing in line 8 thru 11. Line 12 shows $0.00 State Tax Withheld. Line 13 shows my New Jersey State Payer's # and Line 14 shows $0.00 for State Distribution.

 

My questions is that not all of the $93,000 is earnings. The contributions where taxed with my wages earned.  Why does my NJ State Tax Return Show the full $93,000 as taxable income.

3 Replies
AnnetteB6
Employee Tax Expert

1099R - Qualified Retirement Plan

If you contributed to the plan with after-tax money, then you should talk to the plan administrator to request a corrected Form 1099-R.  

 

The 1099-R that you described is indicating that the full amount of the distribution is taxable.  If a portion was not taxable, then box 2a would be checked and/or an amount would be included in box 9a or b.

 

 

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msoccio
New Member

1099R - Qualified Retirement Plan

The $93,000 I received is Taxed for Federal purposes.  It is the state that I have a question on.  My 1099-R shows a state distribution of$0.00 but the total of $93,000 is reflected in pension earnings on my New Jersey state return.  What do I need to do in turbo tax so that this income is not reflected on my New Jersey state tax return?

ColeenD3
Employee Tax Expert

1099R - Qualified Retirement Plan

Just because it was not included in Box 14 does not mean it is not taxable to NJ. 

 

NJ Income Tax – Retirement Income. If you are a New Jersey resident, your pensions, annuities, and certain IRA withdrawals are taxable and must be reported on your New Jersey tax return.

 

NJ retirement

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