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rickdiamond99
Level 2

Previously Taxed MainePERS Benefits

 I am a retired Maine state employee and am working on my 2020 state tax return in TurboTax.  On the "Previously Taxed Retirement Benefits" page, it says to subtract the amount in box 14 of the 1099-R from box 2a.  If I do that, I get a large deduction, much larger that previous  years.  The instructions on the Maine I-File site say to  subtract the amount in box 16  from box 2a, which gives a smaller result consistent with past years.  Is this an error in the TurboTax instructions?

1 Best answer

Accepted Solutions
ErnieS0
Employee Tax Expert

Previously Taxed MainePERS Benefits

Subtract Box 16 from Box 2a to give you the ‘Pick-up Contributions’ amount to be transferred to Schedule 1S.

 

Refer to MainePERS Benefit Payment and Tax Information.

View solution in original post

7 Replies
ErnieS0
Employee Tax Expert

Previously Taxed MainePERS Benefits

Subtract Box 16 from Box 2a to give you the ‘Pick-up Contributions’ amount to be transferred to Schedule 1S.

 

Refer to MainePERS Benefit Payment and Tax Information.

rickdiamond99
Level 2

Previously Taxed MainePERS Benefits

Will the instructions on TurboTax be corrected?

SteamTrain
Level 15

Previously Taxed MainePERS Benefits

Yeah....the boxes on the proper 1099-R forms for 2020 were renumbered for 2020 taxes.

 

The subtract box 14 sounds like something was not updated in the instructions about what to subtract.  Box 16 would now be the proper box,,,,,,,as long as the issuer properly updated their 1099-R forms to the new 2020 format.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
SteamTrain
Level 15

Previously Taxed MainePERS Benefits

@rickdiamond99    Someone with the ME software would have to call TTX Customer Support, and work with them to get a ticket issued to correct it.

 

It would be best if you would call TTX, and they can then investigate exactly where in the software that improper instruction occurs....and you know exactly where it is in the interview flow.

 

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
rickdiamond99
Level 2

Previously Taxed MainePERS Benefits

Thanks, but I'm not going to do that.  I've spent too much time on this already.  I've done my part by alerting you to the problem.  (I'm assuming you work for intuit.)  If Customer Support has questions, they can contact me.

SteamTrain
Level 15

Previously Taxed MainePERS Benefits

Nope...I'm not a TTX rep...just a long time user  (since 1996), so I know my way around the software, and how it works ...or is supposed to  (not Self employment, rental or Business stuff though ).

 

@ErnieS0  is a TTX rep though, and "might " report it, if he sees this when he comes back in to work....

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
rickdiamond99
Level 2

Previously Taxed MainePERS Benefits

@SteamTrain, thanks for straightening me out, and thanks for your help.

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