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Filing pension, a lump sum

I am receiving a pension from 1 company on a form 1099R. Received a lump sum retirement payment from  a company I used to work for on a 1099R . I am now working security and receive a salary  that is on a W-2. My question is can I use Turbo Tax to do my taxes, will it show me where to put this info on the document and what Turbo product do you suggest?

3 Comments
TurboTax Specialist

Filing pension, a lump sum

You can use any TurboTax product to enter your 1099-R and W-2 forms. If those are your only concerns you can begin in the TurboTaxFree online edition or the TurboTax CD/download version. If you need to itemize your deductions, then begin with TurboTaxDeluxe if using the online versions. You can also upgrade as you go if your tax situation calls for a more detailed version.

 

https://turbotax.intuit.com/personal-taxes/online/

 

https://turbotax.intuit.com/personal-taxes/cd-download/

Visitor I

Filing pension, a lump sum

If you let turbotax walk you through preparing a return, you are asked detailed questions if there are any IRA distributions, or pensions / annuities paid out.  They occur as 1099R's.  Just fill in the boxes as the questions are asked.   FYI:  As the pension money is doled out to you each month and year, that becomes taxable income for that year.  If you take a lump sum, and don't roll it over into a personal IRA, then that also becomes taxable income that year, and you'll get a 1099R for that.  If you rolled it into an IRA, then you pay no taxes on it right away.  You will have to pay tax on any amount that is drawn out of that "rolled over" lump sum in the future, in the year it is drawn out.  Wages: there is a separate set of questions asked in turbotax about income, and turbotax asks you to enter info from the W-2 boxes into turbotax.

I think any of the versions of turbotax will allow you to easily enter all these things.  The Deluxe version I used allows for one free electronic submitted federal return.  Not sure about the others.

TurboTax Specialist

Filing pension, a lump sum

Thanks scottyg for the helpful tips Smiley Happy