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Retirement tax questions
There are some state related tax benefits for specified recipients. Usually, the state tax benefit can be activated by doing the following.
- Go to the Federal Taxes (Personal in Home and Business) category.
- Go to the Wages and Income (Personal Income in Home and Business) section.
- Choose the option "I'll choose what I want to work on".
- In the 2016 Income Summary, find the section labeled Retirement Plans and Social Security.
- Click start or update on the line labeled IRA, 401(k), Pension Plan Withdrawals (1099-R)
- After entering your 1099R information on the screen labeled "Enter your 1099-R" click continue.
- Answer no to the question on the screen labeled "Let's Double Check Your Info - On the Form 1099-R you received, is the IRA/SEP/SIMPLE box between box 7 and box 8 checked?"
- Answer the public safety employee question and hit continue.
- On the screen labeled "Where is this Distribution From?" there will be a list of options that should include a description of your pension. For example, in New York teacher's pension has a tax break, and clicking "New York State and City Education" on this screen activates this state tax break on the state return.
‎June 6, 2019
5:24 AM