TurboTax is not including my full Tier 1 and Tier II Railroad Retirement benefit exemption in MO form MO-A.
Per the MO form, all Tier I and Tier II are exempt from Missouri tax.
I calculated an exemption of $52,421 and per TurboTax the amount is $44,982.
You'll need to sign in or create an account to connect with an expert.
Can someone at TurboTax please advise how the calculation on the MO-A, line 11d calculation is made?
I assume that you mean the line 11 in Part I of the MO-A?
What is the total amount of your Tier 1 and Tier II Railroad Retirement benefit? And what is the taxable amount of your Tier 1 and Tier II Railroad Retirement benefit?
Yes, that is correct.
I am trying to determine the exemption amount for my husband's Railroad Retirement Benefit.
I understand that. What is the total amount of your Tier 1 and Tier II Railroad Retirement benefit? And what is the taxable amount of your Tier 1 and Tier II Railroad Retirement benefit?
That is what I am having a hard time determining.
The taxable amount of the Tier 1 benefit is $20,859, but I'm unable to determine the taxable amount of Tier II as the calculation shown on line 5b of the Federal 1040 includes a pension which is not tax exempt in Missouri.
I appreciate your thoughts.
"but I'm unable to determine the taxable amount of Tier II as the calculation shown on line 5b"
Take the line 5b amount, and subtract the Tier I taxable amount (20,859) and the amount of the other pension - this should give you the amount of the Tier II taxable amount. This is true unless you had basis in that other pension (after tax contributions).
The taxable portion of Tier 1 is shown on line 6b of the 1040 as it is treated the same as social security.
However, I was able to calculate the taxable portion of Tier 2 by using your theory (the other pension had a -0- basis). I am happy to report that Turbotax did indeed calculate this correctly!
Thanks for helping me think this through and understanding the calculation.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
terimac4
Level 4
daka85
New Member
tandpbuell
New Member
cjheath1966
New Member
rdhdiver
Level 1