What Is Pso On Form 1040 PSO will be displayed at the bottom of the first page of Form 1040 Who qualifies for the Public Safety Officer Exclusion If you are a retired Public Safety Officer such as a Law Enforcement Officer Firefighter Chaplain or member of a rescue squad or ambulance crew you may elect to exclude the premiums for accident health insurance or
The printed Form 1040 will show the letters PSO on the same line where the exclusion is being taken indicating why there is a difference in the gross and taxable amount of the distribution If you or your CPA need specifics we are referring to Internal Revenue Code Section 402 l Distributions from Governmental Plans for Health and Long Term Care Insurance Most of the time this is called a deduction Technically it is an exclusion
What Is Pso On Form 1040
What Is Pso On Form 1040
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The Pension Protection Act of 2006 allows eligible public safety employees to exclude from Gross Pension Income 3000 representing retiree s health ins premiums Instructions say the retiree must reduce the taxable amount on line 5b by the exclusion amount and enter PSO Public Safety Officer next to that line on Form 140 page 1 The statute defines a public safety officer using the definition in 42 U S C 3796b 9 A There is no list in the statute of positions that qualify you just need to determine if you meet the definition That definition is here http www law cornell edu uscode text 42 3796b
You don t need to edit the the Form 1040 manually When you enter the necessary information during the 1099 R interview TurboTax computes the deduction for insurance premiums for retired public safety officers PSOs In TaxAct there is a checkbox on Form 1099 R and within the Q A interview to indicate if the Form 1099 R distribution was used by an eligible retired public safety officer PSO to pay premiums for accident or health insurance or long term care insurance
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A PSO is defined as an individual serving a public agency in an official capacity with or without compensation as a law enforcement officer as a firefighter as a chaplain or as a Member of a rescue squad or ambulance crew If you are retired on disability and reporting your disability pension on line 1 of Form 1040 or 1040 SR or line 1a of Form 1040 NR include only the taxable amount on that line and enter PSO and the amount excluded on the dotted line next to the applicable line https www irs gov pub irs prior p721 2020 pdf
If you are retired on disability and reporting your disability pension on line 1h of Form 1040 1040 SR or 1040 NR include only the taxable amount on that line and enter PSO and the amount excluded on the dotted line next to the applicable line On your Form 1040 on Line 5a will be the written PSO On Line 5b will be the taxable amount of your pension income less the amount you entered for health insurance January 27 2024 1 28 PM 1 Reply Bookmark Icon DCN66 Level 2 Thanks it sounds like this may be the best workaround
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Form 1040 Wikipedia Republished WIKI 2
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PSO will be displayed at the bottom of the first page of Form 1040 Who qualifies for the Public Safety Officer Exclusion If you are a retired Public Safety Officer such as a Law Enforcement Officer Firefighter Chaplain or member of a rescue squad or ambulance crew you may elect to exclude the premiums for accident health insurance or
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The printed Form 1040 will show the letters PSO on the same line where the exclusion is being taken indicating why there is a difference in the gross and taxable amount of the distribution
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What Is Pso On Form 1040 - The PPA permits eligible retired public safety officers PSO to exclude from federal income tax amounts paid directly from retirement plan distributions to cover the cost of certain health and long term care insurance premiums
