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Retirement tax questions
I understand your post and thanks. However, the law changed in Dec. 2022 to also include a tax deduction on premiums paid by the retiree to the insurer not just those made directly to health insurance by the Administrator. IRS 1040 Instructions page 28 show how to do this on paper. On Line 5b, the retiree can enter the pension total minus the premiums paid by the retiree to the insurer. Retiree is instructed to write "PSO" next to Line 5b.
Will Turbotax update the software to account for a tax deduction made by retirees to the insurer directly as allowed?
May 3, 2024
1:17 PM