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Don't know whether to post this here or in the Retirement Forum but here goes...
And yes, I've Googled it! But i'm hoping someone has actual experience with this.
I just finished doing my taxes online. Yes i wait til the last minute.
I don't usually have to file... I was told years ago that my Disability Pension from the USPS had to be over a certain amount for me to have to file, and now i think it's over that amount. No, i never have found a table to check or anything. I guess that's bad... I retired with a disability from the Postal Service over 10 years ago. March of 2022 i reached retirement age. When i was looking all of this up - it looks like maybe things change once you reach retirement age. I could NOT be more confused...
I also get Social Security...
My 1099R in the "Taxable Amount" block says UNKNOWN. So i guess i'm supposed to figure this amount out myself? I found something online telling me how to do it - i think. Oh boy...
SO i finished, and it tells me i owe $393. Just seems crazy. But i don't think they took any tax out of the Pension.
Anybody have any ideas? I plan to call the Personnel Management this week, but online it reminds us that "they cannot give any tax advice." I don't know who can explain the form.
Good luck finding a tax prep/CPA with time available. The locals worth using are probably swamped! I agree contacting the IRS VITA/TCE service would probably be your best bet.
Don't know whether to post this here or in the Retirement Forum but here goes...
And yes, I've Googled it! But i'm hoping someone has actual experience with this.
I just finished doing my taxes online. Yes i wait til the last minute.
I don't usually have to file... I was told years ago that my Disability Pension from the USPS had to be over a certain amount for me to have to file, and now i think it's over that amount. No, i never have found a table to check or anything. I guess that's bad... I retired with a disability from the Postal Service over 10 years ago. March of 2022 i reached retirement age. When i was looking all of this up - it looks like maybe things change once you reach retirement age. I could NOT be more confused...
I also get Social Security...
My 1099R in the "Taxable Amount" block says UNKNOWN. So i guess i'm supposed to figure this amount out myself? I found something online telling me how to do it - i think. Oh boy...
SO i finished, and it tells me i owe $393. Just seems crazy. But i don't think they took any tax out of the Pension.
Anybody have any ideas? I plan to call the Personnel Management this week, but online it reminds us that "they cannot give any tax advice." I don't know who can explain the form.
Ah - the mystery of disability payments and the tax code.
You say you were retired on a disability pension ten years ago. Did you receive a letter saying you were receiving a disability pension from a pension plan and did you receive a 1099-R for the payments?
Or were you receiving disability payments under a disability plan and reported the amounts as wages? If so, have the payments now been replaced by payments from the pension plan?
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by Jellybean50
Don't know whether to post this here or in the Retirement Forum but here goes...
...
I don't usually have to file... I was told years ago that my Disability Pension from the USPS had to be over a certain amount for me to have to file, and now i think it's over that amount. ...
I also get Social Security...
My 1099R in the "Taxable Amount" block says UNKNOWN. ...
SO i finished, and it tells me i owe $393. Just seems crazy. But i don't think they took any tax out of the Pension.
Anybody have any ideas? I plan to call the Personnel Management this week, but online it reminds us that "they cannot give any tax advice." I don't know who can explain the form.
You want to KNOW this... i don't think they took any tax out of the Pension.
Quote:
Originally Posted by MrRational
File an extension request today. Then find an actual CPA
Do this (file the extension)^^^
Seek professional help (I prefer to use 'enrolled agents' for paid tax questions and correct answers. You'rs seems pretty simple, I expect the volunteer network can resolve this for you.
Quote:
Originally Posted by Lillie767
Ah - the mystery of disability payments and the tax code.
You say you were retired on a disability pension ten years ago. Did you receive a letter saying you were receiving a disability pension from a pension plan and did you receive a 1099-R for the payments?
Or were you receiving disability payments under a disability plan and reported the amounts as wages? If so, have the payments now been replaced by payments from the pension plan?
Follow though with this ^^^
Set a tax plan for next year (this payment year).
In your case... I would recommend doing at least 10% withholdings from any taxable distribution, including SS and Disability. After you figure out your obligations, you can tweak your withholdings so you break even at the end of the tax yr.
Ah - the mystery of disability payments and the tax code.
You say you were retired on a disability pension ten years ago. Did you receive a letter saying you were receiving a disability pension from a pension plan and did you receive a 1099-R for the payments?
Or were you receiving disability payments under a disability plan and reported the amounts as wages? If so, have the payments now been replaced by payments from the pension plan?
All along i was receiving a disability pension, they call it an "annuity." Every year i got a 1099R.
This past year I got a letter telling me now that i am of official retirement age and got an increase, but i will have to find the letter to see what the classification is. My birthday to reach the age was March of 2022.
The 1099R form from 2022 still has the code for Disabled on it. I am going to get help from a professional.
Look on the OPM website. Get a copy of your annuity statement from “Services Online” to see what deductions are being taken from your check. Then read on the OPM website everything you can find on FERS disability retirement or CSRS disability retirement, whichever system you were covered by.
I know a lot about regular CSRS retirement, less about FERS and virtually nothing about disability retirements of either flavor. Wish I could help more.
Look on the OPM website. Get a copy of your annuity statement from “Services Online” to see what deductions are being taken from your check. Then read on the OPM website everything you can find on FERS disability retirement or CSRS disability retirement, whichever system you were covered by.
I know a lot about regular CSRS retirement, less about FERS and virtually nothing about disability retirements of either flavor. Wish I could help more.
Thank You. (I'm FERS.)
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