Yes, Railroad Retirement benefits are considered an Annuity, if you received Form RRB-1099-R. The Railroad Retirement Act (RRA) replaces the Social Security Act for rail industry employers and employees and provides monthly annuities for employees based on age and service or on disability. Form RRB-1099-R (Annuities or Pensions by the Railroad Retirement Board) is a green form and reports non-Social Security equivalent benefits payments, which are entered in the same place as 1099-Rs. Here's more info on How to Enter Form RRB-1099-R. @dagee2022

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dagee2022

Level 2

Question

Why does Turbo Tax see my Railroad retirement as an annuity?

Forum|Forum|3 years ago
April 17, 2023
1 reply
2 views

No text available

TurboTax Deluxe Online

MarilynG

Level 15

Yes, Railroad Retirement benefits are considered an Annuity, if you received Form RRB-1099-R.

The Railroad Retirement Act (RRA) replaces the Social Security Act for rail industry employers and employees and provides monthly annuities for employees based on age and service or on disability.

Form RRB-1099-R (Annuities or Pensions by the Railroad Retirement Board) is a green form and reports non-Social Security equivalent benefits payments, which are entered in the same place as 1099-Rs.

Here's more info on How to Enter Form RRB-1099-R.

@dagee2022

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dagee2022Author

Level 2

How do I know if the tax method is simplified or general?

DanaB27

Level 15

"If you receive annuity payments from a nonqualified retirement plan, you must use the General Rule. Under the General Rule, you figure the taxable and tax-free parts of your annuity payments using life expectancy tables that the IRS issues.

Generally, if you begin receiving annuity payments from a qualified retirement plan, you use the Simplified Method to figure the tax-free part of the payments. A qualified retirement plan is a qualified employee plan, a qualified employee annuity, or a tax-sheltered annuity plan or contract (refer to Publication 575 for definitions)." ( Pensions – the General Rule and the Simplified Method)

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