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boyer1107
New Member

Pennsylvania state tax on profit sharing plan

I turned age 65 and retired in 2018. I took a total disbursement from my company sponsored profit sharing plan, which was reported to me on 1099-R. Is this income reportable in Pennsylvania?

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1 Reply
KatrinaB
Intuit Alumni

Pennsylvania state tax on profit sharing plan

It is reportable income in Pennsylvania. However, if box 7 of your 1099-R has the code 7 or 4, it is not taxable income on your Pennsylvania return. If your 1099-R has a code of 1 or 2, then it may be taxable to the extent that the distributions exceed your basis in your retirement plan. 

Please view the Pennsylvania link below for more information.

https://revenue-pa.custhelp.com/app/answers/detail/a_id/1470/~/how-do-i-know-if-the-amount-on-my-109...

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