The totals reported on your Form RRB-1099 may equal the total amount of SSEB payments you actually received during the tax year indicated. For beneficiaries receiving Medicare, the difference may be the total amount of Medicare premiums paid during the tax year indicated since amounts shown on tax statements are before any deduction for Medicare.
Full Answer
Is the Medicare total shown on Form RRB-1099-R?
The Medicare total is normally shown on Form RRB-1099. However, if Form RRB-1099 is not required for the tax year indicated, then the Medicare total is shown on Form RRB-1099-R.
How do I enter a 1099-R or RRB 1099?
1099-R, RRB-1099, RRB-1099-R, SSA-1099 - Distributions from pensions, annuities, retirement, IRA's, social security, etc. Enter the EIN and Payer's information. Enter the amount from Box 7, Total Gross Paid of the RRB; Box 7a, Taxable amount; Box 9, Federal income tax withheld; and Box 3, Total employee contributions (if applicable).
What is box 10 on RRB-1099-R?
Box 10 - Medicare Premium Total - This is the total amount of Part B, C, and/or D Medicare premiums deducted from your railroad retirement annuity payments during the tax year indicated on Form RRB-1099-R. This amount is for informational purposes only. Medicare premium refunds are not included in the Medicare total.
Why is my Medicare total not showing on my 1099-R?
However, if Form RRB-1099 is not required for the tax year indicated, then the Medicare total is shown on Form RRB-1099-R. If your Medicare premiums were deducted from your social security benefits; paid by a third party; and/or you paid the premiums by direct billing, your Medicare total will not be shown in this box.
What does box 4 on form RRB-1099-R represent?
Box 4 - Contributory Amount Paid - An amount in this box is the gross amount of any NSSEB and tier II benefits paid in the tax year indicated on the Form RRB-1099-R, less any NSSEB and tier II repayments made in that tax year and are attributed to that tax year.
What is the taxable amount on RRB-1099-R?
The total gross paid amount shown on Form RRB-1099-R is the sum of the NSSEB portion of tier I, tier II, vested dual benefit and supplemental annuity payments. Also shown is the amount of Federal income tax withheld from these payments.
Are RRB benefits taxable?
Regular railroad retirement annuities consisting of tier I, tier II, and vested dual benefit components, have been subject to United States Federal income tax since 1984.
How do I report railroad retirement benefits?
Railroad retirement payments are not taxable for state income tax purposes. Note: You should have received Form SSA-1099 and Notice 703 from the Social Security Administration (SSA) if you also received social security benefits for the tax year indicated on the Form RRB-1099.
What is the difference between form RRB 1099 and RRB 1099-R?
These two categories require two separate IRS forms. One form, RRB-1099, deals with the taxable social security portion of your railroad benefits, while the other form, RRB-1099-R, deals with the taxable pension portion of your benefits.
How do I input a RRB 1099?
Entering Form RRB 1099-R in ProConnect Tax:Go to the Input Return tab.Select Income.Select Pensions, IRAs (1099-R).Enter the Name of payer.Select the Details button.Select the Other Information tab.Select the box Railroad retirement benefits (RRB 1099-R).
Is there a difference between Medicare and railroad Medicare?
A: The only difference is that retired railroad beneficiaries have their Part B benefits administered by the Palmetto GBA Railroad Retirement Board Specialty Medicare Administrative Contractor (RRB SMAC) regardless of where they live. Members should be certain to advise providers of this when they receive treatment.
Are Railroad Retirement benefits the same as Social Security?
Railroad Retirement Benefits. Both RRB and Social Security offer retirement, disability, spousal, and survivor benefits that are generally calculated in the same manner. However, the benefits provided by each program are not identical.
What percent of railroad retirement is taxable?
If the sum of a recipient's adjusted gross income, tax-exempt interest, and half of either Social Security benefits or Social Security-equivalent Tier I Railroad Retirement benefits exceeds $25,000 for single taxpayers or $32,000 for couples who file jointly, up to 50 percent of the benefits are taxable.
Are my Social Security or railroad retirement Tier I benefits taxable?
If the only income you received during the tax year was your social security or equivalent railroad retirement benefits, your benefits may not be taxable and you may not have to file a tax return.
How is railroad retirement income treated on the federal and California tax returns?
Retirement Benefits ** Railroad benefits paid by individual railroads are taxable by California. These benefits are reported on federal Form 1099-R. Sick pay benefits under the Railroad Unemployment Insurance Act. Make an adjustment to exclude any of this income if it was included in your federal AGI.
Can you collect Social Security and railroad retirement at the same time?
Answer: Yes, you can apply for and receive both benefits, but the Tier 1 portion of your Railroad Retirement Annuity will be reduced by the amount of your Social Security benefit, so you may not receive more in total benefits.
What is a 1099-R?
Form RRB-1099-R is used for U.S. citizens. These payments are treated as private pensions for U.S. Federal income tax purposes. For more information about these payments and Form RRB-1099-R, refer to IRS Publication 575, Pension and Annuity Income.
What is the general rule for pensions and annuities?
If you are not using the Simplified General Rule, refer to IRS Publication 939, General Rule for Pensions and Annuities, to determine your taxable amount. For widow (er)s who were paid as a spouse for part of the tax year, use only the annuity payments you received as a widow (er) to figure your nontaxable amount.
Is the RRB-1099-R a payment?
It is not a payment or income that you received in the tax year indicated on the Form RRB -1099-R. The amount shown is the latest amount reported, which may have increased or decreased from a previous Form RRB-1099-R.
Is a railroad retirement payment taxable?
Railroad retirement payments are not taxable for U.S. state income tax purposes. Corrected/Duplicate. There are two boxes located at the top left hand side of Form RRB-1099-R indicated as Corrected or Duplicate. Neither box is checked if this is an original Form RRB-1099-R.
Is Medicare premium refund included in total?
Medicare premium refunds are not included in the Medicare total. The Medicare total is normally shown on Form RRB-1099. However, if Form RRB-1099 is not required for the tax year indicated, then the Medicare total will be shown on Form RRB-1099-R.
Does the RRB show Medicare premiums?
The RRB only shows the total Part B, C, and/or D Medicare premiums that were deducted from railroad retirement annuity payments for the tax year indicated on Form RRB-1099-R. The RRB does not show the Medicare premiums deducted from social security benefits on any tax statement issued by the RRB.
What are the two types of benefits paid under the Railroad Retirement Act?
There are two categories of benefits paid under the Railroad Retirement Act: the Social Security Equivalent Benefit and Non-Social Security Equivalent Benefit. Each category has its own treatment for income tax purposes:
What is SSEB in railroads?
The SSEB is the portion of the Tier 1 railroad retirement benefit that equals the amount a railroad employee or beneficiary would have been entitled to receive under the social security system. It is treated like social security benefits for tax purposes.
Is a Tier 2 supplemental annuity taxable?
any Tier 2 benefit. vested dual benefit (VDB) supplemental annuity benefit. The NSSEB is treated as an amount received from a qualified employee plan. While VDBs and supplemental annuity benefits are "non-contributory pensions" and thus are fully taxable, employee contributions from the tier 2 benefits and the NSSEB part ...
