Do I have to pay taxes on my pension?

Do I have to pay taxes on my pension?

If you're receiving money from a pension, you're going to get a 1099 forms. Its going to be called a 1099-R, for retirement. Its going to report the amount of income you received from your retirement plan, your pension plan. Its going to tell you how much money was distributed to you in your pension. It may or may not tell you how much money is taxable. There's a little box on that form that tells you whether it is taxable or not taxable. It will tell you the type of retirement money that you're getting by a code, and on the back of the form it will explain the various codes. It is more than likely, though, that the majority of that money that comes to you from a pension or retirement plan will be taxable income to you.