turning 591/2 half way through the year

[cbbolton]

HI

I turn 59 1/2 in June 2020. But my pension 1099-r has me paying a penalty for the whole year.

Do I need a new one for me to only pay a penalty for 6 months not a year?

Janet

[DoninGA]

You should have received two Form 1099-R's for the pension income in the year you turn 59 1/2.

One with a code of 2 in box 7 for when you were under age 59 1/2 and one with a code of 7 in box 7 when you were age 59 1/2 and older.

Contact your plan administrator and find out why you did not receive the correctly coded Form 1099-R.

[macuser_22]

Probably they should have issued two 1099-R's with a code 2 for after 59 1/2, but you can enter it anyway.

When it asks if "we can lower your tax bill", enter the amount received after age 59 1/2  in "Other" and it will be excluded on a form 5329.

[michaelrp88]

I'm in the same situation but taking distributions from an IRA. Will I simply get two 1099R forms? One would be for distributions before I turned 59 1/2 and one for after. 

[JulieS]

Yes, that applies to an IRA as well. You should receive two 1099-R with different codes as explained by @DoninGA.