Michele

6 replies
51 views

newly retired and receiving annuity payouts. how to claim???

rjs

Level 15

In January you will receive a Form 1099-R showing the total amount that you received during the year. Just enter the 1099-R in TurboTax, in the section for Retirement Plans and Social Security. Be sure to continue through all of the questions after you enter it.

missyAuthor

New Member

I understand that portion but the 65 standard deduction plus the one everybody is talking about that goes along with the regular deduction plus the remaining deduction only for seniors are they included with turbo tax programs??

rjs

Level 15

@missy I'm not sure what you are referring to by "the 65 standard deduction plus the one everybody is talking about." You get a standard deduction, which depends on your filing status, age, and whether you can be claimed as a dependent. If you are 65 or older you also get the deduction for seniors, depending on your income and filing status. Both the standard deduction and the deduction for seniors are included in TurboTax. You don't have to do anything to claim them. TurboTax will give them to you automatically. I don't know what "the one everybody is talking about" is.