Are railroad retirement benefits tax deductible?

Answer According to the Internal Revenue Service, railroad benefits are tax deductible. Check with current IRS publication guidelines regarding income qualifications as some low-income people do not have ... Read More »

Top Q&A For: Are railroad retirement benefits tax deductible

Are railroad retirement benefits taxable?

Yes, railroad retirement benefits can be taxable. If you are single, the head of the household, a widower or married but separated during the tax year and make $25,000 or more, your railroad retire... Read More »

If you receive full retirement benefits can you receive early retirement benefits?

You can receive early Social Security Retirement benefits at age 62 but if you income exceeds a specific dollar amount per year ($12,960 in 2007), your Social Security benefits will be reduced by $... Read More »

Do you pay state taxes on railroad retirement?

Some states do tax railroad retirement benefits. As of May 2010, nine states do not tax income, 14 tax income but exempt retirement benefits, and some others exempt a portion of retirement benefits... Read More »

How to Calculate Tier I Railroad Retirement?

If you work for a railroad, you are most likely paying Railroad Retirement taxes as your contribution to your pension. Your employer also contributes. There are two parts to Railroad Retirement con... Read More »