Do I claim pension or annuity income on my tax return?
Yes. A pension is generally a series of payments made to you after you retire from work, made regularly and are for past services. An annuity is a series of payments under an insurance contract. You can buy the contract alone or you can buy it with the help of your employer. Annuity payments are made regularly for more than one full year. We will guide you through adding your Form 1099-R distribution in the Wages & Income section in TurboTax.