Retired Saftey Personnel

[Hanover Jim]

A client made me aware (embarrassing) of a new provision provided by the Pension protection Act of 2006. Retired police and firefighters can exclude(not deduct) premiums paid out of their monthly pension checks. This provision is described in a 4 paragraph section of Pub. 575. If you scroll down the 1099R input screen you will see the necessary sections to input the data. Our software puts the letters PSO next to the entry on the 1st page of the 1040.

[taxtrio]

Good tip, thank you.