1099-R (Statement of Annuity Paid)

[RDeWitt]

Client brought in a 1099-R (Statement of Annuity Paid) and I entered it into my Pro Series but the form says unknown in block 2a (Taxable Amount). When I run the final reivew, Pro Series says there should be a amount listed her. Also, in Block 7 (distribution code) lists 7-nondisability. Help? Thanks in Advance

[Burke]

You will have to determine the taxable amount and enter the information accordingly. If it was a rollover, for example, if there were basis for another example, if there were QCD's, for another example (for IRA's). The most common is employee contributions, use Simplified Pension Rule.

[taxea]

I can telll you that in my case the 1099 for my retirement clearly states the taxable amount and that is the annuity portion...my retirement amount is not taxable.

If the 1099 is solely for the annuity then you have to determine whether the TP contributed before or after tax or whether part of the contribution was made by an employer. I would ask for the statement provided to the TP at the time they began receiving distributions. This document should give you the total balance in the account, amount contributed by the TP and same for employer, and whether it was pre tax or not.

[Gary2]

Is this a federal pension on a CSA 1099R?

You'll probably need to get the documentation for when the pension started, giving the start date and the employee contribution.

[taxea]

Is this a federal pension on a CSA 1099R?

You'll probably need to get the documentation for when the pension started, giving the start date and the employee contribution.

No it's CA PERS from a local police agency