Railroad retirement benefits are reported on Form 1040 by: Adding tier 1 and tier 2 benefits...
Railroad retirement benefits are reported on Form 1040 by:
Adding tier 1 and tier 2 benefits together and entering the sum as social security benefits.
Entering tier 1 benefits as social security benefits and tier 2 benefits as retirement benefits.
Entering only tier 2 benefits as retirement benefits. Tier 1 benefits are not taxable.
Entering tier 1 benefits as social security benefits. Tier 2 benefits are not taxable because they contain after-tax contributions.
Homework Answers
The correct answer is (B)
Tier 1 makes basic retirement payments, while Tier 2 awards additional sums to retirees based on their length of service.
The portion of the Tier 1 component of a Railroad Retirement Benefit is treated the same as a social security benefit for Federal Income Tax purposes.
The portion of Tier 2 component of a Railroad Retirement Benefit is treated the same as a non-social security equivalent benefit (NSSEB) for Federal Income Tax purposes, and is reported as retirement benefits.
Add Answer to:
Railroad retirement benefits are reported on Form 1040 by:
Adding tier 1 and tier 2 benefits...
Railroad Tier II benefits are treated as:
Railroad Tier II benefits are treated as: A defined benefit pension based on years of service and earnings credits. A defined contribution plan based on contributions to the plan during the employee's service. A social security equivalent paid to railroad retirees and surviving spouses. A separation allowance lump-sum amount and are taxable as a pension.
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what is the standard defuction? since they are older then
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