Have a Tax Question? Ask a Tax Expert
Is this Form 1099R for distributions you took out of your pension plan in 2010?
Normally pension would be taxable if you had a tax benefit when contributing to the plan.
on my 1099r in box 2b it states taxable amount not determined
Did you contribute to the plan as pre-tax deferrals from your earnings?
In that case the distribution is taxable
It would be reported as pension distribution on Form 1040.
yes I did
Ok than the distribution is taxable
if you already filed your 2010 tax return, you will have to amend the tax return by filing Form 1040X
If you are under age 59 1/2 than this distribution may be subject to 10% early withdrawal penalty too.
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
Yes, the taxable amount will be reported on Form 1040.
You will recalculate the tax return, Form 1040 as filed.
Than you will report the changes on Form 1040X beginning with Adjusted gross income
Here is a link to the form
On Form 1040X- you will report the