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Equivalent tier 1 railroad retirement benefits are the part of tier 1 benefits that a railroad employee or beneficiary would have been entitled to receive under the social security system. They are commonly called the social security equivalent benefit (SSEB) portion of tier 1 benefits.
If the person lived with their spouse for at least one day in the year, use the special procedure in Worksheet 1 in IRS Publication 915, which results in 85% taxable if their other income minus above-the-line deductions is at least 1/2 of the Social Security benefits.
Information on Publication 915, Social Security and Equivalent Railroad Retirement Benefits, including recent updates and related forms. Publication 915 explains the federal income tax rules for Social Security and equivalent tier 1 railroad retirement benefits.
A resource jointly published by the IRS, Social Security Administration (SSA), and U.S. Railroad Retirement Board (RRB). It explains how much of your Social Security or equivalent railroad retirement benefits may be taxable for the 2023 tax year.
View the IRS Publication 915: Social Security and Equivalent Railroad Retirement Benefits for 2023 in our extensive collection of PDFs and resources. Access the IRS Publication 915: Social Security and Equivalent Railroad Retirement Benefits for 2023 now, and then sign, print, or download it at PrintFriendly.
IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Provides information concerning the taxability of the Social Security Equivalent Benefit (SSEB) portion of tier I railroad retirement benefits and special guaranty benefits shown on the Form RRB-1099 and Form RRB-1042S tax statements.
Publication 915, jointly published by the IRS, the Social Security Administration (SSA), and the U.S. Railroad Retirement Board (RRB), explains the federal income tax rules for: A. Social Security benefits: This includes monthly retirement, survivor, and disability benefits.
For 2023, your tier 1 benefit of $450 a month is reduced to $400 because of a $50-a-month workers' compensation offset. Boxes 3 and 5 of your Form RRB-1099 will show $5,400 ($450 × 12 months) as the SSEB portion of tier 1 benefits paid to you by the RRB.