Information on Federal income tax and Railroad Retirement benefits available online

(Source: Railroad Retirement Board press release, March 5, 2020)

CHICAGO — With tax time rapidly approaching, the U.S. Railroad Retirement Board (RRB) wants to remind its customers that the best source of information pertaining to Federal income tax and railroad retirement benefits is the agency’s website, RRB.gov.

Those visiting can access a variety of income tax-related publications, news releases, and downloadable forms by clicking on Benefits in the main menu, and then selecting Income Tax. Booklets available online include The Taxation of Railroad Retirement Act Annuities, which details how Railroad Retirement Act component payments are taxed, and which payments are not, among other topics, and Tax Withholding and Railroad Retirement Payments, which explains the effect of tax withholding on railroad retirement payments.

RRB.gov also contains forms explaining the RRB-issued income tax statements which list payments made during the tax year. In addition, it allows customers to request duplicates of those statements via myRRB, the website’s portal to its online customer services. (Duplicate tax statements can also be requested by using the automated menu on the RRB’s toll-free number, 877-772-5772.)

Customers should remember that for information about RRB-issued income tax statements or tax withholding from their benefits, they can visit RRB.gov as mentioned previously, or contact an RRB field office. However, for further Federal income tax information, including how to figure taxable payments and/or questions about amounts to enter on income tax returns, customers should contact a local Internal Revenue Service (IRS) office or an individual’s tax preparer. Information is also available by visiting the IRS website at IRS.gov.

Friday, March 6, 2020