Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

Question for an accountant regarding a question on Turbo…

Customer Question
Question for an accountant regarding...
Question for an accountant regarding a question on Turbo Tax:I had to file an extension and wait on a corrected 1099-R form to come, and I just filled in that part on my taxes (on Turbo Tax) and it is now asking me a question I'm not sure I can answer: My husband became disabled the year before last, and here is the question:Youngest Retirement Age
What was the youngest age (husband's name) could have retired and received a pension from (husband's name) last employer if he hadn't become disabled? Learn More
Youngest Retirement Age
59My husband's job didn't have a pension, so I don't know how to answer this? When I push the "learn more" tab, it states:
"As a rule, retirement age is the earliest age you are eligible to receive a pension or annuity from your employer, if you had not been disabled. Most often that is age is 55, but it can vary from one company to another.If you retire on disability, the payments you receive are taxed as wages until you reach the minimum retirement age."Do you know what I should put in the age box?
Submitted: 11 months ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Customer reply replied 11 months ago
My husband is 58 now)
Answered in 1 day by:
10/15/2017
Financial Professional: Amanda Russell,
 replied 11 months ago
Amanda Russell
Category: Finance
Satisfied Customers: 14
Experience: Accounting & Tax Educator at Self-Employed/Ut Du LLC
Verified

Hi Betty,

Amanda here. I'm a financial and tax expert, with an EA (can file all forms and represent all types of business taxpayers before the IRS). I have a master's in accounting, MBA and big four public accounting background in taxation. I've also been a tax expert for Intuit for many years.

....

Since you said that your husband's job didn't have a pension and so he didn't have an age at which he could retire, you'll use the age that your husband would start qualifying for retirement benefits through Social Security. This is typically age 62 for most people. Do you know at what age your husband would have qualified for retirement through social security (had he not become disabled)?

It is most often 62 years old. However, with private companies or public service positions, often retirement can be based on age, time with the company, contract, etc.

TurboTax could have explained that better but since it can vary by individual situation, they probably want to be careful what they say.

Let me know if this fully answers your question or if you have any follow up information and questions.

If this answer does resolve your question, I'd greatly appreciate you rating my answer!

Ask Your Own Finance Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Amanda Russell Your Own Question
Amanda Russell
Amanda Russell
Amanda Russell
Category: Finance
Satisfied Customers: 14
14 Satisfied Customers
Experience: Accounting & Tax Educator at Self-Employed/Ut Du LLC

Amanda Russell is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I have a cash management problem. I am 55 and hopefully
Hi- I have a cash management problem. I am 55 and hopefully retired. I have 1.25 invested, a tax free annuity of 24k / year. I also have a pension of 3k per year starting at 62 (no Cola). I own my hom… read more
PDtax
PDtax
Owner
Master's Degree
1 satisfied customers
I started receiving a pension from the City O worked for - a
I started receiving a pension from the City O worked for - a duty disability pension. Is it taxable? … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Trying to figure out on my wifes CSA 1099-R for block 2a
trying to figure out on my wifes CSA 1099-R for block 2a which is UNKNOWN?? She was rated at permanently disabled mid 2016 and then started to receive these benefits at age 55 1/2 years old. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,968 satisfied customers
I am disable be the state. I had some money in a IRA and I
I am disable be the state. I had some money in a IRA and I took some money out. Do i pay taxes on that money since I'm disable or how much percentage do I pay on the money.… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 satisfied customers
Husband received a disabilility pension from mining accident
Husband received a disabilility pension from mining accident in 1990. He received a normal retirement pension of 436.12. Upon his death in 2014 he was receiving 471.12 . According to irc of irs and fo… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I have a government deferred compensation account. I am over
I have a government deferred compensation account. I am over 70 1/2 but still working. I was told I don't have to make a minimum withdrawal until I retire. Is that correct?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I would like to know the net amount of retirement vice the
I would like to know the net amount of retirement vice the disability amount of retirement under FERS with 21 years of service (disability) vice 23 years special retirement at age 50 if you make $137,… read more
Sun Valley CPA
Sun Valley CPA
Bachelor's Degree
23 satisfied customers
what i want to do! I am permately disabled on SSDI, I AM 54
what i want to do! I am permately disabled on SSDI, I AM 54 GOING TO BE 55 IN MARCH, 2012. I presently live in 2700 sq.ft home plus a 22x22 two car garage with a full basement set up for easy conversi… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
I am 53 and been living on ss disablity for 13 years. My wife,
I am 53 and been living on ss disablity for 13 years. My wife, age 50 just became disabiled and is recieving ss disability for past 6 months. When I became disabiled it hit our finances hard. We adjus… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 satisfied customers
Pension Law Question. With a military buy back for a city pe
Pension Law Question. With a military buy back for a city pension does the actuary have to use age 55 as a basis for the retirement. I will have 17 years at age 55. 3 years buyback brings me to 20 yea… read more
Dimitry K., Esq.
Dimitry K., Esq.
Attorney
Doctoral Degree
332 satisfied customers
My ex-employer just recently voted on and accepted the results
My ex-employer just recently voted on and accepted the results to do a reverse stock split at a time of their choosing but they have not done it yet. Although I no longer work there (due to disability… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
For Bill Another Hypothetical; This involves the division
For Bill: Another Hypothetical; This involves the division a retirement plan benefit in a divorce. X, age 53, has vested benefits under both the DB plan and the 401(k) plan. Her husband, Y, age 57, ha… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
my husband is disabled with als,hasnt worked in 10 months
my husband is disabled with als,hasn't worked in 10 months I recently had to stop working to provide 24 hr. care. We need to pull out his 401k now so we can meet monthly bills(disability is now only i… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
My Doctor is recommending medical retirement. Im 55, TypeII
My Doctor is recommending medical retirement. I'm 55, TypeII with kidney disease. I work in California, how do I find out any information on this?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
my husband pasted away last year he had selected ...
my husband pasted away last year he had selected apension for his lifetime, he wason SSI Is there anything I can do to get the rest of his pension ?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I currently have 207,800.00 in my 401K, is it advisable to ...
I currently have 207,800.00 in my 401K, is it advisable to take out 74,000.00 to pay off my home?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
***second request*** I had a 401k and I am no longer
***second request*** I had a 401k and I am no longer employed. I rolled it over to a company who now has it. I am disabled and no longer working, but I do get social security and at this time state di… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
I TOOK A 401K LOAN LAST WINTER WHEN DIAGOSED WITH CANCER ...
I TOOK A 401K LOAN LAST WINTER WHEN DIAGOSED WITH CANCER AND HAD EMERGNCY SURGERY IN NOVEMER. I NOW HAVE BEEN GRANTED SOCIAL SECURITY DISABILITY WHICH IS MUCH LESS THAN I WAS EARNING. CAN I ACCESS THE… read more
Guru_Guy
Guru_Guy
Doctoral Degree
1,634 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x