Social Security & Retirement Income

Form 1099-R - Early Distribution Exclusion to the Penalty

When a taxpayer receives a distribution from a pension plan or takes a withdrawal from an Individual Retirement Account (IRA), they will receive Form 1099-R after the end of the year.

The Simplified General Rule Worksheet

If Form 1099-R does not show the taxable amount in Box 2a, you may need to use the General Rule explained in Publication 575 and Publication 939 to figure the taxable portion to enter on the tax return.

Form 1099-R - Qualified Charitable Distributions

A qualified charitable distribution (QCD) is an otherwise taxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by an individual who is age 70½ or more at the time of the distribution that is paid directly from the IRA to a qualified charity.

2021-2022: Form 8915-F COVID-19 Retirement Plan Distributions and Repayments

Have a copy of the 2020 Form 8915-E available for reference.

Canadian Retirement Income

Canadian retirement benefits are similar to the US in that there are nationally-sponsored retirement plans and also individually elected plans and employer-sponsored plans.

Form 8915-E - Qualified 2020 Disaster Distribution

For instructions on how to complete Form 8915-E in the Tax Processors Plus Online program, please click the PDF at the bottom of this page.

Social Security Lump-Sum Election

If the taxpayer does not have any taxable social security benefits in the current year, the lump-sum election won't change the return and doesn't need to be completed.

Form 1099-R - Rollovers of Retirement Plans and IRA Distributions

Certain retirement payments or distributions a taxpayer receives from a retirement plan or IRA can be “rolled over” by depositing the payment into another retirement plan or IRA within 60 days of the date of distribution.

Form RRB-1099-R Railroad Retirement Benefits

Form 1099-R - Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.

Also, reported on Form 1099-R are certain death benefit payments made by employers that are not made as part of a pension, profit-sharing, or retirement plan and disability payments made from a retirement plan.

Form 1099-R - Distributions Due to Death or Disability

When an individual taxpayer inherits a traditional IRA from anyone other than their spouse, the taxpayer cannot treat the inherited IRA in the same manner as they can treat an IRA that they own otherwise.

Retired Public Safety Officer Pension Exclusion

The Taxable Amount in Box 2a will be adjusted by the exclusion amount.