i received two distributions from pensions how does this affect our tax obligations?

Answer 1

Pensions are typically taxable, so it will be included in your Gross Income when calculating your tax. Speak to an accountant.

Answer 2

Pensions are usually taxable. You'd get a 1099R from the payer, showing what you received and the taxable amount, which very often is all of it. The amount you'd pay depends on your total income. Pension income is treated as ordinary income for tax purposes, so would be taxed the same as income from a job.

There is special treatment available for lump-sum distributions from pensions. If you received a very large amount as a lump-sum distribution of your pension, you'd be wise to talk to a CPA.

Answer 3

Unless you immediately roll them over into a 401k or other investment acceptable by the IRS, you will be taxed on those monies. It could throw you into a higher tax bracket on all the money you earned PLUS you will be required to pay a 10% penalty on the distributions.
It would behoove you to put that money away as soon as possible, and don't be tempted to touch any of it! See a tax CPA.