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Lump Sum Pension

Submitted by rasomers@roadru... on 12 July 2012 - 7:17pm

I am entering my lump sump pension distribution under the Retirement Accounts tab as an employer contribution and it seems to work correctly.

However, if I try to do the same thing for my spouse, the report shows fed/state taxes of $0 in the year of the contribution. Any ideas?

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Submitted by Mike OConnor on 13 July 2012 - 1:05pm.
1

If this is a lump sum that you are receiving as a pension, you should enter it in item 4 as a Lump-sum on the Pensions tab of the Pensions & Annuities page.

Mike

Submitted by rasomers@roadru... on 19 July 2012 - 2:13pm.
2

I tried that, but it taxes me on the full value of the pension in the year received. I'll be rolling the pension into an IRA and would be taxed only on the yearly distributions.

Submitted by Mike OConnor on 19 July 2012 - 3:06pm.
3

Please open a support ticket and upload your database.

http://www.esplanner.com/faq-how-do-i-upload-database

I'll take a look at it.

Thanks,
Mike

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