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newelch
March 4, 2025
Question

Should a pension be included when calculating insolvency if there have been no payments from that pension?

  • March 4, 2025
  • 1 reply
  • 0 views
I'm looking at whether or not I qualify as insolvent, but can't figure out if I need to include my (unused) pension as an asset. I am still employed full time and do not have access to the funds as I am not at retirement age.

    1 reply

    SharonD007
    SharonD007
    March 4, 2025

    Yes, your retirement accounts (IRA, 401(k), 403(b), etc.) should be included on the insolvency worksheet on line 28. You will use the value of your retirement account.

     

    Refer to the TurboTax articles Guide to Debt Cancellation and Your Taxes and How do I report excludable (non-taxable) canceled debt? for more information.

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