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Retirement tax questions
OPM texted me that I need to use the simplified general method to calculate the taxable portion of my pension. I was fortunate to have saved my original retirement packet which shows a specific amount of monthly payment as tax-free. I used this data to calculate my remaining tax-free contribution for my pension for 2023. Turbotax also used this method to calculate the tax free portion however, it did not calculate it correctly. Hereafter, all my pension will be 100% taxable since I used all my retirement contribution since I retired over 20 years ago.
Thank you all for your comments/suggestions to my inquiry.
‎February 20, 2024
6:33 PM