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October 31, 2022
Question

I just realized pension income showing up under wages on line 1. Shouldn't it be on line 5? Turbo tax put it under line 1

  • October 31, 2022
  • 2 replies
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2 replies

DoninGA
Employee
October 31, 2022

If the Form 1099-R you received for the pension has a code 3 in box 7 (Disability) and you were under the minimum retirement age set by your employer the pension income is reported on Line 1 of the Form 1040.

 

Go to IRS Form 1040 Instructions for Line 1 on page 24 - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#page=24

• Disability pensions shown on Form 1099-R if you haven’t reached the minimum retirement age set by your employer

Employee
October 31, 2022

Yes your retirement pension should be on line 5a and 5b.   Did you enter it as a W-2 instead of entering it as a 1099R?  Click edit by the W-2 information you entered and see if you put it there by mistake somehow.

 

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**