Question

I started receiving monthly retirement pay in december, 2021 so is that considered periodic payments?

Forum|Forum|4 years ago
April 2, 2022
2 replies
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TurboTax Deluxe Online

Yes,

If you get a monthly payment, that could have started in December.

That is considered periodic payments.

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This question was asked in another thread,

"Why does turbo tax change my answer for my pension form yes periodic payments to no"

Your answer is the opposite of their answer.

Which answer is correct?

Employee

IF you edit and go thru the 1099-R entry, and follow-up questions again...multiple times..?

Yes, it resets some of the question selections when you go thru a second time.

Set it correctly, then don't go back thru it again, unless you have something to change, or think you answered on of the questions wrong. They only reset if you go thru the same 1099-R again.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

Periodic payments are amounts paid at regular intervals (such as weekly, monthly, or yearly) for a period of greater than one year. Usually it is for a set number of years or the estimated life of the recipient.

This information is found in Publication 575, Pension and Annuity Income.

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