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Retirement tax questions
@brees. Do you have an OPM pension? If you did, TurboTax will help calculate the taxable amount if you use the Simplified Method.
You'll see a screen Any Periodic Payments? Say YES and answer the questions. If you use the Simplified Method, you'll need to know the start date, plan cost, number of payments received in 2020 and the tax-free amount previously recovered.
If you use the General Rule, you will have to calculate the taxable amount yourself.
For help see Publication 721 (2020), Tax Guide to U.S. Civil Service Retirement Benefits
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May 3, 2021
8:10 AM