How is tier 1 and tier 2 railroad retirement income treated on the federal and California tax
Question:
How is tier 1 and tier 2 railroad retirement income treated on the federal and California tax returns?
On the federal return:
Tier 1 and tier 2 railroad retirement income are both treated the same as pension income. Both are taxable on the California return.
Tier 1 and tier 2 railroad retirement income are both treated the same as social security benefits. The same is true on the California return.
Tier 1 railroad retirement income is treated the same as social security benefits, and tier 2 is treated as pension income. Neither are taxable on the California return.
Tier 1 railroad retirement income is treated the same as social security benefits, and tier 2 is treated as pension income. The same is true on the California return.
Managerial Economics Foundations of Business Analysis and Strategy
ISBN: 978-0078021718
11th edition
Authors: Christopher Thomas, S. Charles Maurice