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tscampbell
April 14, 2025
Question

1099 R

  • April 14, 2025
  • 1 reply
  • 0 views

My federal tax owed goes from 869 to over 5000 when I enter the pension even though I  am getting a screen that states you dont owe taxes on this money....Im not confident that the federal tax is being calculated correctly

    1 reply

    D
    dmertz
    April 15, 2025

    "I  am getting a screen that states you dont owe taxes on this money"

     

    It's saying that you don't own additional taxes.  Code 2 in box 7 of the Form 1099-R means that the distribution is not subject to an early-distribution penalty (an additional tax).

     

    It's entirely possible that you are not having sufficient taxes withheld from your pension payments to cover the additional tax liability resulting from this income.

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