Question

Which of the following statements is TRUE regarding railroad retirement benefits? Railroad retirement benefits are exempt...

Which of the following statements is TRUE regarding railroad retirement benefits?

Railroad retirement benefits are exempt from federal and state taxation.

Railroad retirement benefits are exempt from state tax in every state.

The Railroad Retirement Act specifically states that railroad retirement is taxable in certain states.

Social security equivalent benefits (SSEB) are taxed by the state if they are taxed on the federal return.

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Answer #1

The Statement 3 i.e Railroad retirement act specifically states that railroad retirement is taxable in certain states is TRUE.

Explanation:

The following nine states do not have personal income taxes: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.The following 14 states have personal income taxes but generally exempt retirement benefits from taxation: Alabama, Hawaii, Illinois, Kansas, Kenrucky, Louisiana, Massachusetts, Michigan, Mississippi, New York, North Carolina, Oregon, Pennsylvania, and Wisconsin.

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