Question

My husband was able to cash a pension from an old employers instead of waiting until retirement. How do I add this "termination of benefit" payment to my taxes?

Forum|Forum|5 years ago
March 8, 2021
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TurboTax Live Self Employed

If he cashed in his pension in 2020, he received form 1099-R. See Where do I enter my 1099-R? His retirement income may be taxable on your federal return and even have an early distribution if he did not roll it over into another retirement account.

Unless you qualify for an exception, you’ll pay a 10% additional tax penalty on the taxable amount of early distributions from an IRA (traditional or Roth) before reaching age 59 1/2.