Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
T
Tenea0
July 15, 2020
Question

Pension Distribution

  • July 15, 2020
  • 1 reply
  • 0 views

I'm getting a pension and have amounts in 1- Gross Distribution, 2a - taxable amount and 5 - Employee contributions. Should I select the 'General Rule pension or 401K bebefits' for the source of distribution.

Thanks

    1 reply

    D
    dmertz
    Employee
    July 16, 2020

    Unless you believe that the amount in box 2a of the Form 1099-R is incorrect, you should not be using either the Simplified Method or the General Rule.  If your tax return reports a lesser taxable amount than is shown in box 2a, expect a CP 2000 notice from the IRS for underreporting income.

    TurboTax Sign In Widget
    TurboTax flag icon

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification