What do I put as the taxable amount on the RRB 1099-R

Question

AI accountant’s answer:

The taxable amount of your Railroad Retirement Board (RRB) benefits reported on Form RRB-1099-R depends on your specific situation. Form RRB-1099-R is used to report payments made by the Railroad Retirement Board, including railroad retirement annuities and pensions. To determine the taxable amount, you'll need to refer to your Form RRB-1099-R. The form has several boxes that provide the necessary information. Box 5 contains the "Taxable Amount," which reflects the portion of your benefits that is subject to federal income tax. Please note that this is a general explanation and your individual circumstances may be different. It's essential to carefully review the instructions provided with your RRB-1099-R and consult a qualified tax professional if you need help with your specific tax situation.

Comment from reviewer

Jacques Seys, CPA

Missing vital information. If you made annuity payments from a qualified plan under section 401(a), 403(a), or 403(b) and the annuity starting date is in 1998 or later, you must use the simplified method under section 72(d)(1) to figure the taxable amount. Under this method, the expected number of payments you use to figure the taxable amount depends on whether the payments are based on the life of one or more than one person. See Notice 98-2, 1998-1 C.B. 266, and Pub. 575, Pension and Annuity Income, to help you figure the taxable amount to enter in box 2a.

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