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Retirement tax questions
There is a difference between what the program does and what it asks. You should go through the section one time, look at your forms and see they are correct. You will see taxable pension on line 5b on your 1040. If the insurance premiums are not included in the taxable income, it is right.
Because this is such an important question, the program will ask each time you go through the section. Please look and see if your forms are correct and then don't continue to revisit the section once completed.
You can exclude from income the smaller of the amount of the insurance premiums or $3,000. You can only make this election for amounts that would otherwise be included in your income.
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‎February 27, 2023
1:19 PM