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Old 02-26-2020, 03:08 PM
  #1  
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Default PBGC benefits

I’m a newly retired United pilot and started drawing my PBGC benefit this year. On the 1099, the PBGC checks the box that “the taxable amount not determined.” My tax software doesn’t have a clue and I can’t find anything conclusive on the IRS site. Are you guys showing all of your payments as taxable? I suspect that’s the answer. Thanks, Jeff
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Old 02-26-2020, 05:07 PM
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I think it just means that the payer did not determine whether or not the distribution was taxable...it is up to you to list the taxable amount.

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Old 02-27-2020, 04:48 AM
  #3  
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Yes. That’s my question...are United Airlines PBGC payments considered taxable income?
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Old 02-27-2020, 06:31 AM
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Originally Posted by jtbost
Yes. That’s my question...are United Airlines PBGC payments considered taxable income?

Did you try going through this on the IRS site?

https://www.irs.gov/help/ita/is-my-p...ayment-taxable
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Old 02-27-2020, 06:34 AM
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Try this PBGC site.

https://www.pbgc.gov/about-pbgc/who-...-taxes-and-you
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Old 02-27-2020, 06:52 PM
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Originally Posted by jtbost
Yes. That’s my question...are United Airlines PBGC payments considered taxable income?
I've been drawing DAL PBGC since 2007. I pay normal tax.
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Old 02-28-2020, 06:58 AM
  #7  
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Originally Posted by jtbost
I’m a newly retired United pilot and started drawing my PBGC benefit this year. On the 1099, the PBGC checks the box that “the taxable amount not determined.” My tax software doesn’t have a clue and I can’t find anything conclusive on the IRS site. Are you guys showing all of your payments as taxable? I suspect that’s the answer. Thanks, Jeff

taxable federal and most states

some states do not tax pension payments
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