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I have a question about reporting pensions. How do I go about reporting pension amounts from Form 1099-R?

Regarding your question about reporting pension amounts from Form 1099-R, Form 1099-R is generally used to report income that you received from a retirement account. This income is typically from a pension, an annuity, a retirement or profit-sharing plan, an IRA, or an insurance contract. Pension and annuity distributions are usually made to retirees, disabled employees and in some situations to the beneficiaries of a deceased employee. If no after-tax contributions were made to the pension plan before distribution, the entire amount is generally included in taxable income. In cases where after-tax contributions were made to an annuity or pension, only a portion of the distribution may be taxed. There are variations of Form 1099-R. Those variations include Form CSA 1099R, Form CSF 1099R and Form RRB-1099-R. Most public and private pension plans that are not part of the Civil Service system use the standard Form 1099-R. You should receive a copy of Form 1099-R, or some variation, if you received a distribution of $10 or more from your retirement plan. You should then proceed with reporting pension amounts from Form 1099-R on Form 1040:

  • Total amount of the pension -- Line 16a
  • Taxable portion of the pension -- Line 16b

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Calculators

So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.

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