If I received a pension payout (due to my termination from a company)?

Question

and they sent me a check with some amount witheld for estimated income tax and the additional early pension payout tax that would apply to my tax return this year, will the company send me a tax form showing the amount I got and what was witheld so that I can use it for my taxes this year? I got a letter with the check that indicated the check amount and the witheld amount but I have misplaced it. I know that tax forms are sent out on most things even when you get a statement like a bank account or paycheck. Will I get a tax form from my former employer (got the pension check in february) or do I need to call the pension dept to get a duplicate of what they sent me? It is a large retail corporation.

this was a one time pension payout check for less than 5K

Answer 1

They should send you a 1099-R with the amount withheld. Also if you payed into the account remember to deduct the amount you paid off the total to reduce your taxes. This should have been shown on your pay stubs if you contributed along with the company's contribution.

Answer 2

Pension distributions are not reported on your W-2. The company administering the pension plan for your employer will issue you a 1099-R for the distribution. If they withheld taxes from the distribution, the amount withheld will appear on the 1099-R as well. If a 1099-R shows withholding on it, a copy of it must be attached to your tax return as well, like you attach a copy of your W-2.

Answer 3

When my husband retired, they sent him a form at the beginning of the next year, so yes, you should receive a w2 or whatever the form is.

Answer 4

This information will ne included with the W-2 they send regarding your other income through the company.

Answer 5

I receive more credit than I deserve.

Answer 6

Yes you will get a w-2 by January 31st.