Income-Retirement Income

This lesson will help you identify and report the taxable portion of retirement income received by the taxpayer. To do this, you must understand the types of retirement income and the forms used to report them. You should also be able to recognize when taxpayers should adjust their withholding and determine which form to use. 

For more information on the topics discussed in this lesson, see Publication 575, Pension and Annuity Income; Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs); Publication 721, Tax Guide to U.S. Civil Service Retirement Benefits; and Publication 939, General Rule for Pensions and Annuities. 

At the end of this lesson, using your resource materials, you will be able to:

• Identify how retirement income is reported to the taxpayer using Form 1099-R series

• Calculate the taxable portion of different types of retirement income

• Determine how to report retirement income on the tax return

• Determine when an adjustment to withholding should be made