Retirement tax questions
Retired public safety officers may be able to exclude $3,000 from their taxes each year for health and long-term care insurance premiums. You must be an eligible public safety officer and have your premiums deducted from your monthly retirement payments.
First search (upper right) 1099r, then use the Jump to... link to access the screen where you entered your 1099R. Click Continue on this screen. There are two locations during your entry for your Form 1099R that is from your service as a Police Officer.
- You must tell TurboTax 'This money was from being a public safety officer' by checking the box on the page 'Do any of these situations apply to you?'
- Then you must continue through the screens until you reach the one titled 'These Situations May Lower Your Tax Bill'. Here you must enter the amount of your taxable distributions from your 1099R in the space beside 'Separation From Service the Year During or After Age 55 (Age 50, If a Public Safety Employee)'.
- See the image below.
Once this is completed you will have a message 'Good News: Your tax bill just got lower' you can continue to complete your tax return without penalty.
