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Retirement tax questions
You received the error message because the amount on Line 14 is greater than allowed, but entering the information below will allow your railroad income to be properly reported.
TurboTax recognizes the codes Tier 1 and Tier 2 in box 14 of your W-2, so you only need to choose these codes from the drop-down menu in Box 14. They are near the bottom of the list. Look for ''Railroad Retirement Tier 1 Tax'' and below that is ''Railroad Retirement Tier 2 tax''. TurboTax will properly report and apply these amounts on your tax return.
ADD another line 14 entry with the same amount as in Box 1 Wages. Select code - "Railroad Retirement Compensation." Code RR.
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‎January 17, 2024
7:51 AM