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:
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 Wages - W-2 - Other Information screen, 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:
Form RRB-1099-R is to report transactions related to a railroad retirement plan: