Retirement Income

When retired, you may receive social security benefits or pension income. Social security benefits are received on Form SSA-1099. Form 1099-R is used for pension income. All statements must be reported on your federal tax return.

Whether or not it’s taxable, is dependent on how the money was put into the pension plan. It would be taxable if the money was contributed by the employer or not taxed before going into the plan.

Before filing, the IRS provides a questionnaire to find out if your pension is taxable, click here to go to the IRS website.

This entry was posted on Monday, November 16th, 2020 at 1:47 pm and is filed under Income. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.