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Best answer by DaveF1006

When the Taxable Amount is marked as 'Unknown'; this means that Office of Personnel Management did not calculate the tax-free portion of your annuity. Some of the most common reasons for not calculating the tax-free portion of your annuity are; 

  • Your case is a Disability Retirement
  • You retired prior to November 19, 1996
  • You have Voluntary Contributions
  • Apportionment was paid to your former spouse(s)
  • Your case has not been finalized and you are in Interim pay status
  • You have Survivor benefits payable and/or
  • Your case is an Office of Workers Compensation case

Whatever the case, Turbo Tax will correctly determine the taxable portion of your annuity distribution based from the answers you give them regarding your annuity.

1 reply

DaveF1006
DaveF1006Answer
February 7, 2020

When the Taxable Amount is marked as 'Unknown'; this means that Office of Personnel Management did not calculate the tax-free portion of your annuity. Some of the most common reasons for not calculating the tax-free portion of your annuity are; 

  • Your case is a Disability Retirement
  • You retired prior to November 19, 1996
  • You have Voluntary Contributions
  • Apportionment was paid to your former spouse(s)
  • Your case has not been finalized and you are in Interim pay status
  • You have Survivor benefits payable and/or
  • Your case is an Office of Workers Compensation case

Whatever the case, Turbo Tax will correctly determine the taxable portion of your annuity distribution based from the answers you give them regarding your annuity.

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    B
    brees
    May 3, 2021

    Turbo tax does NOT help you calculate the unknown taxable amount for a 1099

      E
      ErnieS0
      May 3, 2021

      @brees. Do you have an OPM pension? If you did, TurboTax will help calculate the taxable amount if you use the Simplified Method. 

       

      You'll see a screen Any Periodic Payments? Say YES and answer the questions. If you use the Simplified Method, you'll need to know the start date, plan cost, number of payments received in 2020 and the tax-free amount previously recovered.

       

      If you use the General Rule, you will have to calculate the taxable amount yourself.

       

      For help see Publication 721 (2020), Tax Guide to U.S. Civil Service Retirement Benefits

      **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
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