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bobspence
New Member

Is TurboTax properly computing Public Safety Officer (PSO) deduction of up to $3,000 for health care premiums? (Page 27 1040 instructions)?

 
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6 Replies
LindaA
Expert Alumni

Is TurboTax properly computing Public Safety Officer (PSO) deduction of up to $3,000 for health care premiums? (Page 27 1040 instructions)?

Yes. If you enter the necessary information during the 1099-R interview, TurboTax will compute the deduction for insurance premiums for retired public safety officers (PSOs).

  • Answer Yes when asked if you were employed as a public safety officer (PSO).
  • Answer Yes when asked if the plan administrator took out money from your pension to pay for health insurance.
  • Enter the amount of your pension paid directly for health insurance.

Once you complete the 1099-R interview you may preview your 1040 and scroll down to line 16. You'll see "PSO", the full amount of your pension on line 16a, and the taxable amount of your pension on line16b. (The taxable amount is the full amount less the smaller of $3,000 or the amount of health insurance premiums paid directly from your pension by the plan administrator.) 


Click the screenshots below to enlarge them for reference.

jmj7226
New Member

Is TurboTax properly computing Public Safety Officer (PSO) deduction of up to $3,000 for health care premiums? (Page 27 1040 instructions)?

This helps but how do you include payments from your pension for long term care, vision, etc. ? In my case, TurboTax references Box 5, which includes only health insurance.  Your example would work but it is not offered in my case.  Should I provide you some screen shots?
LindaA
Expert Alumni

Is TurboTax properly computing Public Safety Officer (PSO) deduction of up to $3,000 for health care premiums? (Page 27 1040 instructions)?

Please submit a new question for your situation. Thank you.
jmj7226
New Member

Is TurboTax properly computing Public Safety Officer (PSO) deduction of up to $3,000 for health care premiums? (Page 27 1040 instructions)?

I submitted a new question.  Would you please review and provide guidance.  Thank you.
eddieah18
New Member

Is TurboTax properly computing Public Safety Officer (PSO) deduction of up to $3,000 for health care premiums? (Page 27 1040 instructions)?

What does it mean "select source of distribution and enter other Maryland information.  (options are) pickup contribution, active duty military retirement, self-employment retirement income from a plan you established.....before 1967."  I retired two years ago from Federal law enforcement.  Not sure how to proceed.
kwm380
Returning Member

Is TurboTax properly computing Public Safety Officer (PSO) deduction of up to $3,000 for health care premiums? (Page 27 1040 instructions)?

I can I directly go to the PSO entry in TurboTax Deluxe??  Specific information will be greatly appreciated.  [removed]

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