Question

Florida pension taxable

Forum|Forum|5 years ago
March 4, 2021
1 reply
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Why is my Florida pension being taxed? According to readings since the money was initially taxed this state does not tax it again. Turbo tax has claimed that this income is taxable. Why?

Pension Plan

DoninGA

Employee

The Form 1099-R you entered has a taxable income to be reported on the federal tax return. The federal taxes withheld in box 4 of the form are a tax payment, just like the federal taxes withheld on a W-2 are a tax payment. You did not pay the taxes on the withdrawal, you had taxes withheld.

If your total tax payments are greater than your total tax lability then you will receive a tax refund for the overpayment.

If your total tax payments are less than your total tax liability then you will have taxes owed on the federal tax return.