Turbo Tax Product I'm using is Turbo Tax Online Premium 2023.
Annuity start date was 01/01/2015. I realized the Non-Taxable cost I have been recognizing is higher than OPM instructed upon retirement due to the below information.
Per IRS Publication 721, Part II:Simplified Method states to figure the tax-free part of each full monthly payment by dividing your cost by a number of months based on age. If annuity starting date is after 1997 and your annuity includes a survivor benefit for your spouse, the number is based on your combined ages.
I did receive instructions from DaveF1006 Employee Tax Expert that
Screen 1 in Turbo Tax "Tell us about your joint annuity", the question is "Does this annuity cover more than one individual? Options are YES, more than one person or NO this annuity cover only recipient.
Screen 2 in Turbo tax under Office of Personnel Management asks: how old was the Primary recipient and the youngest beneficiary? Then you add the ages.
At this point the combined ages is used to figure the non-taxable cost.
I DO NOT FIND THESE QUESTIONS OR SCREENS IN THE TURBO TAX I AM USING
This is the final piece to finishing my tax return, please HELP me in that I do not find the above screens to enter the correct information of the OPM Annuity in Turbo Tax Online Premium 2023.
Thank you
