Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I am currently a railroad employee and yes I paid RR taxes this year.

OK. I'm pretty sure you treat the Tier 1 tax the same as Social Security, and the RR Medicare the same as regular medicare. Your Tier 2 benefits are the equivalent of a regular employer's pension plan.

Basically, these amounts don't go anywhere on your 1040. An exception would be if you had two or more employers you might have overpaid your Social Security (or Tier 1) tax. See line 62 and its instructions. Another exception is if you have self employment income. Then the Tier 1 tax would be reported on schedule SE.

--Peter
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement