Payment Start Year Problem

Forum|Forum|6 years ago
February 4, 2020
1 reply
1 view

Turbotax ask if I started receiving the regular payment in 2019 from company XYZ. The answer is "yes" for 2019 for company XYZ. I started receiving regular payments over 20 years ago from company ABC. The company controlling the account was changed from ABC to XYZ in 2019. How do I answer the question "Yes/No I started getting payments in 2019/2018 or a prior year?

Best answer by MarilynG

If you have been receiving Retirement Income income from the same Employer for 20 years, but the Fund Management Company changed, don't indicate you 'started receiving payments in 2019'.

Basically, this question is for Annuity Payments, where the Retired Employee may have a basis in the account balance, and TurboTax will ask the appropriate follow-up questions after entering a 1099-R and indicating that this is the 'first year' receiving these types of payments.

Click the link for more detailed info on How to Enter a 1099-R.

MarilynGAnswer

Level 15

If you have been receiving Retirement Income income from the same Employer for 20 years, but the Fund Management Company changed, don't indicate you 'started receiving payments in 2019'.

Click the link for more detailed info on How to Enter a 1099-R.

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