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wandaly1020
January 14, 2021
Question

What does the question of retirement mean? They take retirement money out of my pay check. Do I hit yes?

  • January 14, 2021
  • 1 reply
  • 0 views
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1 reply

L
linaj20201
January 14, 2021

It depends.  What is the exact question?  In general, taxpayers who received a Form 1099-R "Distributions From Pensions, Annuities, Retirement" will need to report their distribution from the retirement plans on their tax tax return and likely owe taxes unless they meet certain exceptions. If your employer simply put a portion of your salary aside to your retirement plan like a 401K, without withdrawing funds from your 401k, you probably would not owe any taxes.  

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