gho
Returning Member

Retirement tax questions

Re-installed/updated TT again. Made changes as per previous posts, TT seems to treat entire sum of pension as an IRA and taxes at a rate higher than Federal tax(!) on pension. made changes to Federal form (worksheet), checked qualifies for gov exclusion.  On state, shows upp as IRA distribution (4B taxable) needs to be on 5A but can't move. Called TT help and the staff checked remotely -- told me NYS retirement is charged NYS State tax over 20% of pension (as per above, TT program charging more for state tax than for federal tax). And I thought this calculation was for Federal Social security.  This is second year of doing retirement tax, did laws change from last year? Anyway, dead end for Turbo Tax. Searching for alternative program/tax consultant unless someone has a solution -- if none, goodbye TT after 20 years....