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J
joejffrs
January 15, 2025
Question

HELPS Retirement Act

  • January 15, 2025
  • 1 reply
  • 0 views

How do I input the $3000 tax exclusion for PSO on TurboTax 2024?

    1 reply

    B
    BillM223
    January 17, 2025

    In the 1099-R interview when you enter this form, when you come to the screen that asks "Was [Name] Employed as a Public Safety Officer?", you must answer "Yes". When you do this, the next screen will be titled, "Did you or the Pension Administrator Pay for Health Insurance?" When you answer "Yes", the next screen will ask you for the amount you paid.

     

    This is the same process as in 2023 TurboTax. The amount will be netted in line 5b of the 1040, and the letters PSO will appear to the left.

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      S
      Smitty333
      March 28, 2025

      I was told that if you are on Medicare the Helps act does not apply?

      KrisD15
      KrisD15
      March 28, 2025

      You CAN use Medicare costs for the exclusion. (Costs for Medicare cannot, in this case, also be added as medical expenses for Itemized deductions) 

       

      HERE is a thread for a similar question.

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