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How calculate the taxable amount of tier railroad retirement

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Reference no: EM132675474

Problem 1: Tom's Tier II Railroad Retirement benefits are reported on Form RRB-1099-R. Tom's tax preparer must know all the following to calculate the taxable amount of Tier II Railroad Retirement benefits using the Simplified Method, except:

Select one:

a. The age at which the taxpayer started drawing retirement
b. How much has been recovered tax-free since 1986
c. The current age of the taxpayer
d. The number of payments received in the year This answer is incorrect. The preparer must know the number of payments received in the year when using the Simplified Method Worksheet.

Reference no: EM132675474

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