RRB Retirement Benefits & Tax Deductions

[rkweiss1]

I recently started receiving RRB Retirement Benefits. How d I determine if I need to have taxes withheld?

[xmasbaby0]

Railroad retirement benefits are treated similarly to Social Security benefits, which can be up to 85% taxable depending on what other sources of income you have along with the RR retirement.

Here is a link to what the IRS says about your RR benefits.

https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-taxable

[xmasbaby0]

Oh, and in January you should get a RR1099RB for the benefits you received in 2019.  

When you prepare your 2019 tax return:

Do not try to enter your SSA1099  or RR1099RB as a W-2.  Go to Federal> Wages & Income>>Retirement Plans and Social Security  (SSA1099 and 1099RRB) to enter your SSA1099.

[xmasbaby0]

And....

https://www.rrb.gov/Benefits/IncomeTax/TXB-25

[SteamTrain]

.Also... depending on your situation, you may be getting both an RRB-1099 and an RRB-1099-R.

Those two forms are different and go into the tax software in slightly different places.  Read and bookmark this FAQ page for future use:

https://ttlc.intuit.com/community/retirement/help/what-are-forms-rrb-1099-and-rrb-1099-r/00/25980