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I have entered in all of the information for the RRB-1099-R but I am not seeing where to enter in the total annuity payments received this year so my taxable calculation is showing 0, however working through Worksheet A in Pub 575 I should have a significant portion of taxable income.
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Enter the taxable amount identical to the gross amount. Fill in the Simplified Method boxes. Lacerte will calculate the adjustment.
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Let me back this up a little bit - - the taxpayer retired this year. Has a RRB-1099 and an RRB-1099-R. According to the how to enter instructions in ProConnect. I entered the RRB-1099 in the Social Security screen (there is a spot for that and it makes sense as to why it belongs there).
If I enter the Gross Benefit amount in the RRB-1099-R then the taxpayer is being taxed twice on the same income. However, that does begin the calculation (simplified method) for tracking the reduction in the employee contributions.
Thoughts? Suggestions??
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It's not the same income. One piece goes in the Misc Income screen, one in the Pension screen.