Tier I or Tier II railroad retirement contributions reported in Box 14 of your Form W-2 are entered in the Wages and Salaries section of the Federal Q&A:
From within your TaxACT return (Online or Desktop), click on the Federal Q&A tab
Click Wages and Salaries to expand the category and then click Wage income reported on Form W-2
Click Add to create a new copy of the form or click Review to review a form already created
Click Quick Entry or Step-by-Step Guidance to enter or review. If you select Quick Entry be sure to scroll down to answer all applicable questions. If you select Step-by-Step Guidance, continue to the screen titled Wages - W-2 - Other Information where you can enter the information for these contributions.
Retirement income for retired railroad workers can be reported to them on two completely different forms (Form RRB-1099 and Form RRB-1099-R). Unfortunately, they have very similar names which can cause some confusion on how to enter them in TaxACT.
Form RRB-1099 is to report Social Security Equivalent payments:
Click on the Federal Q&A tab
Click Social Security Benefits
On the following screen you are able to enter or review the information
Form RRB-1099-R is to report transactions related to a railroad retirement plan:
Click on the Federal Q&A tab
Click Retirement Plan Income to expand the section and then click Railroad retirement benefits (Form RRB 1099-R)
Click Add to create a new copy of the form or click Review to review a form already created
For more information on Form RRB-1099 and Form RRB-1099-R please refer to IRS Publication 915Social Security and Equivalent Railroad Retirement Benefits and IRS Publication 575Pension and Annuity Income.
Your request has been submitted
You have been successfully added to the TaxAct Do Not Sell list.