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RD
RD, Certified Public Accountant (CPA)
Category: Tax
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Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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I receive a 1099R from the office of dc pensions, is my pension

Customer Question

I receive a 1099R from the office of dc pensions, is my pension fully taxable and if yes what pul does it come under and can I go back and make amendment.
Submitted: 3 years ago.
Category: Tax
Expert:  RD replied 3 years ago.

RD :

Is this Form 1099R for distributions you took out of your pension plan in 2010?

RD :

Normally pension would be taxable if you had a tax benefit when contributing to the plan.

Customer :

on my 1099r in box 2b it states taxable amount not determined

RD :

Did you contribute to the plan as pre-tax deferrals from your earnings?

RD :

In that case the distribution is taxable

RD :

It would be reported as pension distribution on Form 1040.

Customer :

yes I did

RD :

Ok than the distribution is taxable

RD :

if you already filed your 2010 tax return, you will have to amend the tax return by filing Form 1040X

RD :

If you are under age 59 1/2 than this distribution may be subject to 10% early withdrawal penalty too.

Customer :

line 61a the pension amount is add and line 16b taxable amount PSO and what amount do I add or duc or can you send me an example of how I'm to make the correction

RD :

Yes, the taxable amount will be reported on Form 1040.

RD :

You will recalculate the tax return, Form 1040 as filed.

RD :

Than you will report the changes on Form 1040X beginning with Adjusted gross income

RD :

Here is a link to the form

RD :

On Form 1040X- you will report the

RD :

http://www.irs.gov/pub/irs-pdf/f1040x.pdf

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RD
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CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..