Pension Rollover to IRA

[olimazi]

I left my W2 job in 2018 and rolled over my NYC pension to an IRA in NJ in 2019.

I received a W2 for 2019 that included only my pension amount with Federal and State taxes withheld.

I understand that by rolling over the pension to an IRA I should not be taxed.

Am I to recover the tax withheld on my pension during the tax filing process - and if so, what section of Turbo Tax H&B is this in?

Thank you for your time.

[MaryK4]

If you had taxes withheld, you did not do a trustee-to-trustee rollover so you will enter the 1099-R information in TurboTax under Federal Taxes Retirement Income.  After you enter the 1099-R you will answer the followup questions to record the Rollover.  TurboTax will report everything and the tax withheld will be included with other tax payments and be added to your refund.

[olimazi]

Hi, thanks for reply - I did not get a 1099-R.

It's an IRA savings account that I rolled it over to.

[DavidD66]

You should have received a Form 1099-R.  You said in your original post that you received a Form W-2 for your pension distribution - is that correct?  It should not have been reported on a W-2.  If it was, you should contact the pension plan administrator to correct this and issue a Form 1099-R.

[olimazi]

I received the W2 from my employer (MTA), my pension distributor is from NYCERS (NYC Employee Retirement System) - I'm dealing with two entities, granted they work together. Who should have given me the 1099-R - MTA or NYCERS?

[BillM223]

@olimazi

You should receive the 1099-R from NYCERS (NYC Employee Retirement System), who is the pension plan administrator.

The MTA is your employer and owes you a W-2.

[olimazi]

Thanks for the help.

Digging through the records I found the 1099-R's.

So I received BOTH W2 from the job and 1099-R from the pension.

Is this correct?

The W2's showed federal and state taxes withheld on the pension, even though I did a direct rollover to an IRA, never touched the money.

Will this get adjusted once I enter 1099-R info in the tax program?

[DanaB27]

Yes, it is correct that you received a W-2 from your job and a 1099-R from your pension.

If you did a direct rollover the code in box 7 will let TurboTax know that it was a rollover. Otherwise, TurboTax will ask follow-up questions, after you entered the 1099-R, where you can indicate it was a rollover.