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I hope so. My husband is a railroad retiree and we can't…

I hope so....

I hope so. My husband is a railroad retiree and we can't figure out the non-taxable amount of line 12a, form 1040a to enter on line 12b.. The amount on line 12a is $37788.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Line 12a is his and my railroad pension combined. The instructions to fine the amount refer to a General Rule and a Simplified rule. This amount is pension only and no annuities.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Not to our knowledge. Last years taxable amount was $1951. less of $37737. if that gives you a starting point Thanks

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Customer reply replied 1 month ago
Is there any thing else that I can add in order to help you find answers?
Answered in 4 hours by:
3/13/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,697
Experience: Taxes, Immigration, Labor Relations
Verified

That taxable part is based on other taxable income.

Please let me know what are other taxable income items?

I will help you with calculations.

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Customer reply replied 1 month ago
Is there a way that we can resume this conversation tomorrow? It is 1:07 a.m and we have been trying to figure this since 8:00 p.m.
Debra
Customer reply replied 1 month ago
I can scan my 1099s tomorrow and send them directly to you. Maybe you will be able to tell more by seeing them than by my trying to tell you what they say.

I appreciate any information.

You may upload your forms here - but be sure to blank out any personal information.

What I need to know

- a list of your income items - and amounts

- your and your spouse's age

any other income you have?

We may continue conversation as long as needed.

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Customer reply replied 1 month ago
Finally had a few minutes to sit down and do this!
Two files are attached...both of our RR 1099's.
Steve and I are both 65, but, if it matters, I will be 66 on Sunday.
The only other income is $68.00 in interest from "The Morton Family Partnership" which consists of Steve and his 5 siblings.
Not a lot of stuff to deal with, but Steve being a railroad retiree it really messes with our taxes since he turned 62. If there is any way you can explain to us about how to find this non-taxable amount for me to do this myself. It would save us lots of money not going to an expensive tax preparer. All they tell us....we use a special program that the general public can't use, so your only avenue is to use us. Is there something we can purchase or information that you can relay that will help us. I've done some very complicated returns over the last 42 years of marriage and this is the first one that I haven't been able to conquer ! Thank you for your help.

The only other income is $68.00 in interest from "The Morton Family Partnership"
-->> will go to form 1040A line 8a
.
Amounts reported on RRB-1099 are social security equvalent.
from box 5 -->> 9612 (Debra) + 20,004 (Steve) = 29,616 -->> will go to form 1040A line 14a
.
Amounts reported on RRB-1099-R are amounts received from a qualified employee plan
from box 7 -->> 12035 (Debra) + 25753 (Steve) = 37,788
+ from box 6 Supplemental Annuity - It is fully taxable -->> 516 (Steve)
= 38,304 -->> will go to form 1040A line 12a
.
Federal income tax withheld
from box 9 -->> 336 (Debra) + 1716 (Steve) = 2,052 -->> will go to form 1040A line 40
.
from box 3 -->> 58525 (Steve) - this amount is the employee's cost that we should use to figure the tax-free part of tier 2 benefit
We need to know when Steve started his benefits - if he started at 62 - we will need to use 260 months
58525 / 260 = 225
* 12 = 2701 - that is nontaxable portion of his benefits.
So - 38,304 - 2701 = 35603 -->> will go to form 1040A line 12b

I think that is the most complicated issue on your tax return.
.

Your AGI - adjusted gross income on line 21 should be $47,178
Let me know if you need any further help.
.
I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all Social Security / Tax related issues.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,697
Experience: Taxes, Immigration, Labor Relations
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Lev
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