The annuity was before "Dec 31, 1997" or not? What does that mean?

[MythSaraLee]

While I filling data for 1099R, why the system asked me whether the annuity was before "Dec 31, 1997" or not?

What does that mean?

Usually what is plan type for 1199SEIU? A qualified Gov Pension Plan? Is that taxable?

Where can I check "last year you used standard deduction or itemized deductions"?

Thanks

[AmyC]

1. Tax laws changed on that date so the program needs to know which laws to use.
2. The 1199 SEIU is an umbrella of healthcare.
3. A government pension plan is taxable to the federal and might be taxable to the state.
4. Look at last year's tax form 1040, line 12. If it matches the standard deduction listed, the standard was taken. Otherwise, you will see a Sch A for itemized deductions as part of your return.

[MythSaraLee]

"A government pension plan is taxable to the federal..."

So the 1199 plan is a kind of funds by healthcare-insurance?

Is that plan-type similar with the government pension plan?

"form 1040, line 12..." Thank you!

Usually does the standard deduction include the EIC term?

[Vanessa A]

No, they are not funds for healthcare insurance, it is funds coming from a union that covers healthcare workers. It does not appear as though it has anything to do with the government. This is for healthcare workers, not federal employees. 

The 1199SEIU Funds began with the Local 1199 Benefit Plan. Formed in 1945, its goal was to provide basic health, disability and life insurance benefits to just 300 New York City retail drugstore workers with employer-paid contributions. In 1948, the Benefit Fund became self-insured and self-administered. Since then, the Fund has continued to grow, providing the infrastructure to support additional benefit funds that provide coverage for healthcare workers throughout the industry in hospitals, nursing homes and home care agencies. 

[MythSaraLee]

@Vanessa A 

Thank you. Then what is the type in the app?

Usually does the standard deduction include the EIC terms?

[Vanessa A]

Why are you getting these benefits?  Retirement?  Inheritance?  Something else?  You should have received a tax form either a 1099-R or something to report the benefits.  If you did not get a 1099 or something similar, you would need to contact the plan administrator to get one to report on your return.

EIC?  Earned Income credit?  No, that is not included in the standard deduction.  In order to claim the EIC, you must have earned income and meet the income criteria.

[MythSaraLee]

@Vanessa A "EIC?  Earned Income credit?  No, that is not included in the standard deduction...."

Thanks. I need to choose "standard" or "itemized" at the very beginning.

If I choose "standard", will the EIC form be automatically included in my files?

"...these benefits?  Retirement?  Inheritance? "

Yes, we just got retired in the mid of 2024. That is a 1099-R. 

Only several hundred dollars in the form. But I need to fill some questions in the app. Like "the type of" the 1099 funds.

[Vanessa A]

Are you working on your federal return, state return or NYC return?

No.  If you choose the standard deduction or itemized deduction, it has no affect whatsoever on your earned income credit.  You said you are retired?  If you do not have dependents and are 65 or older, you do not qualify for the earned income credit. 

You would need to ask your plan administrator what type of benefits they are.  We have no way to find that out here.  You said earlier about an annuity, is it an annuity or a pension?  The plan administrator is the only one that could answer that for you. 

With all the different types of questions you have, you may want to consider using TurboTax Live Assist.  They can pop on your screen and see what you are seeing.  This can be a great help if you have multiple questions as it allows for answers right away instead of in a thread.  You can show them where you are in your return and then they can respond with an answer that is more direct and can help you untangle everything that is going on. 
 

TurboTax Live Assist
 

[MythSaraLee]

@Vanessa A Thanks.

I am installing my TurboTax Deluxe and asking the Turbo live agents for the multiple questions.

Yes, I am still working on all the 3 taxes, "federal return, NY state return and NYC return".