Are pension distributions Other Common Income? I received a 1099-MISC.

Forum|Forum|3 years ago
March 25, 2023
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TurboTax Deluxe Online

SharonD007

No, pension distributions are not considered Other Common Income. Pension distributions are reported to the taxpayer on Form 1099-R and are reported in TurboTax under the Income Section – IRA, 401(k), Pension Plan Withdrawals (1099-R). You should have received a 1099-R for your pension distribution. Please refer to the TurboTax article When to Use Tax Form 1099-R: Distributions From Pensions, Annuities, Retirement, etc. for additional information.

Form 1099-MISC reports miscellaneous income payments and can be reported as Other Common Income in TurboTax. If you believe that your pension distribution is reported on Form 1099-MISC, contact you plan administration to verify if they sent you the correct form. You can also contact the issuer of the Form 1099-MISC to inquire the source of the income reported on your Form 1099-MISC. Please review the TurboTax article What Is the IRS Form 1099-MISC? for more information on Form 1099-MISC.

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jnpahwai

I RECEIVED A 1099R AND I ENTERED ALL INFO NOW IT'S ASKING WHAT IS THE EXCLUSION AMOUNT.

RobertB4444

The amount excluded from income should be in box 5 of your 1099-R. It is the amount of contributions that you made to the account before it was distributed.

If your box 5 is empty or if you are aware of the amount of the payout from the account that should be excluded from income then enter it here. If you are not certain you might reach out to the financial institution that issued you the 1099-R.

@jnpahwai

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