Question

reily pope retired railroad employee received a form RRB -1099r with 12,000 in box 3. what is box 3

Answer 1

Ans:

1) The Form RRB-1099-R tax statement enclosed is issued by the U.S. Railroad Retirement Board (RRB) .

2) There are too many items listed on it.

3) Box - 3 represents,

The amount of railroad retirement payroll taxes paid by the employee that

exceeds

the amount that would have been paid in social security payroll taxes if the employee's railroad service had been covered under the Social Security Act.

4) If there are $ 12,000 in box 3 IRS consider it as an employee's investment in the contract (cost).

answered by: anonymous