Below you will find information on both Tier I and Tier II railroad retirement contributions reported in box 14 of your IRS Form W-2, as well as retirement income received during the year.
Tier I or Tier II railroad retirement contributions reported in Box 14 of your Form W-2 are reported in the Wages and Salaries section of the Federal Q&A:
From within your TaxAct return (Online or Desktop), click on the Federal tab. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
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 and this can cause some confusion on how to enter them into TaxAct.
Form RRB-1099 is to report Social Security Equivalent payments:
Click on the Federal tab. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
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 tab. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
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 Publications 915 and 575.
IRS Publication 915Social Security and Equivalent Railroad Retirement Benefits