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January 28, 2025
Question

where do I put the past service I buyback for my employeur pension plan in turbotax?

  • January 28, 2025
  • 1 reply
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    1 reply

    Employee
    January 28, 2025

    What exactly are you doing?

     

    If you are buying extra service time credits, that is not tax deductible and is not reported on your tax return.  Instead, because you are buying time with after-tax money, a portion of your pension will be tax-free when you retire.  This will be calculated by your employer and reported on your 1099-R when you begin receiving your pension.