Question

Is my pension lump sum distro from a priv co for IL deduction? "IL allows ded for pension distro rcvd from a gov't retrmt plan, a qual emp ben plan incl 401(k), or 457."

Forum|Forum|5 years ago
March 15, 2021
1 reply
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Trying to understand what should be entered in this box for IL - refund goes up dramatically when put pension in, so want to make sure it's correct

TurboTax Deluxe Online

M

MAK70

Yes, you may subtract the amount of federally taxed Social Security and retirement income included in your adjusted gross income that you received from qualified employee benefit plans (including railroad retirement and 401(K) plans). For more information, see Publication 120.