Question

Received a 1099R from OPM for my FERS Annuity (pension). The question TurboTax is asking is "What Did You Do With The Money From Office of Personnel Management?" ??

Forum|Forum|6 years ago
January 29, 2020
1 reply
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TurboTax Premier Online

D

dmertz

Employee

You cashed it out. This distribution is not eligible for rollover.

D

Dvalent1

Same here but CSRS annuity. I think that having to answer cash out is not calculating taxes correctly ...I'm paying taxes and usually receive refund. These accounts are Annuities from pensions not cash out. Can someone from TurboTax explain? This wording has changed in the program this year.

D

dmertz

Employee

If you made no after-tax payments into to the CSRS annuity, the entire amount distributed is includible in the income (Form 1040 line 5b) on which your tax liability is calculated. Whatever amount was withheld for taxes is credited later on Form 1040 toward your overall tax liability.