topic RRB Retirement Benefits & Tax Deductions in Retirement tax questions

RRB Retirement Benefits & Tax Deductions

rkweiss1 — Mon, 28 Oct 2019 17:34:38 GMT

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

Re: RRB Retirement Benefits & Tax Deductions

xmasbaby0 — Tue, 29 Oct 2019 01:21:45 GMT

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

Re: RRB Retirement Benefits & Tax Deductions

xmasbaby0 — Tue, 29 Oct 2019 01:25:19 GMT

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.

Re: RRB Retirement Benefits & Tax Deductions

xmasbaby0 — Tue, 29 Oct 2019 01:58:06 GMT

And....

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

Re: RRB Retirement Benefits & Tax Deductions

SteamTrain — Tue, 29 Oct 2019 23:59:45 GMT

.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