How much of your Pension & Annuity Income goes on line 15 & 16 of IRS 1040 and
thus counts towards MAGI Income for Covered CA subsidies?

 

Form 1040 - Pension & Annuity Income?
Form 1040 – Pension & Annuity Income?

Publication 575 reviews the tax treatment of distributions you receive from pension and annuity plans and also shows you how to report the income on your federal income tax return.

How these distributions are taxed depends on whether they are periodic payments (amounts received as an annuity) that are paid at regular intervals over several years or nonperiodic payments (amounts not received as an annuity).

What is covered in publication 575?   This publication contains information that you need to understand the following topics.

  • How to figure the tax-free part of periodic payments under a pension or annuity plan, including using a simple worksheet for payments under a qualified plan.
  • How to figure the tax-free part of nonperiodic payments from qualified and nonqualified plans, and how to use the optional methods to figure the tax on lump-sum distributions from pension, stock bonus, and profit-sharing plans.
  • How to roll over certain distributions from a retirement plan into another retirement plan or IRA.
  • How to report disability payments, and how beneficiaries and survivors of employees and retirees must report benefits paid to them.
  • How to report railroad retirement benefits.
  • When additional taxes on certain distributions may apply (including the tax on early distributions and the tax on excess accumulation).

FAQs / Ask Us a Question

Basic Taxation of Annuities

Covered CA - Countable Sources of Income
Covered CA – Countable Sources of Income – Getting to MAGI and Line 37 AGI
Pension & Annuity Income # 575
Pension & Annuity Income # 575

 

Publication 525 Taxable & Non Taxable Income
Publication 525 Taxable & Non Taxable Income

Publication 525, Taxable and Nontaxable Income

Annuity Incom Worksheet
Annuity Income Worksheet

Publication 524, Credit for the Elderly or the Disabled

 

Publication 560, Retirement Plans for Small Business

 

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