Municipal public safety retirees are allowed to deduct from their gross pensions the health insurance premiums paid from their pension checks, up tp the first $3000.00. The Retirement board could not reduce the gross pension amount by the premiums paid. How can I accomplish this within turbo tax so that the 3000.00 is deductde from the gross amount of my 1099R. IRS Code [26 USCA - 402(1)]
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There is a question in the 1099-R interview which asks if you are a retired Public Safety Officer. If you answer "Yes" the interview will follow up by asking if your employer took money out of your pension for health insurance. If you answer "Yes" again, the software will inquire how much was taken.
Thank you for your service.
There is a question in the 1099-R interview which asks if you are a retired Public Safety Officer. If you answer "Yes" the interview will follow up by asking if your employer took money out of your pension for health insurance. If you answer "Yes" again, the software will inquire how much was taken.
Thank you for your service.
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