I entered a 1099 R form from my retirement plan. Box 5 does not contain insurance payments. I am now on Medicare. My plan administrator did not pay for my insurance. I paid Medicare, Medigap, and Drug Plan. I answered all questions regarding the 1099 and that I was a police officer. I wasn't offered a box to include the PSO exemption.
I ran across an inquiry from the 2023 taxes where the TP was advised as an alternative to report the $3,000 exemption in this manner:
You can make an adjusting entry to income as follows:
1. From the Federal menu in TurboTax find Wages and Income
2. Find Less Common Income
3. Choose Miscellaneous Income, 1099-A, 1099-C
4. Choose Other Reportable Income
5. Enter a description of the entry and the adjustment as a negative number
I did this, and my taxable income was adjusted, but there is no PSO Exemption notation anywhere on the tax form except on Sch 1, where the —$3,000 is found. The notation is usually found on Line 5B and written at the bottom of the tax form.
Because I completed my taxes using the alternative method, will this suffice? Will I have to worry about it not being done correctly and the IRS kicks it back?
Thanks
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There is a better and proper way to enter the $3,000 Health deduction for retired PSOs.
In TurboTax Online, please follow these steps:
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