Question

I withdrew my pension after resigning from law enforcement. Do I have to claim it as income earned?

Forum|Forum|6 years ago
October 4, 2019
2 replies
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TurboTax Deluxe Online

Employee

The taxable amount of the withdrawal reported on Form 1099-R box 2a will be entered on your federal tax return as ordinary income and taxed at your current tax rate.

A

Anonymous

do you need the money and want to be taxed. there may be an option to roll the money into another retirement plan to avoid taxation. if it's been less than 60 days since receiving the pension, an option would be to put the money into an IRA to escape taxation