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March 31, 2021
Question

pension reporting original cost

  • March 31, 2021
  • 1 reply
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On form 1099R for pension there is a new request for original cost. How would I know what the original cost of a pension from a major corporation be? Putting an estimate in the form reduces tax liability so I would like to use this cost. In looking thru the various forms affected, it shows that some of my pension is nontaxable by reducing the remaining original cost of the pension. This cost was never requested in previous years.

    1 reply

    ReneeM7122
    March 31, 2021

    The cost and value of a pension is a complex actuarial calculation.  You would be best served if you call the office that issued the 1099R and ask them for the original cost.