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The document provides instructions for completing Lines 16a and 16b of the 2015 Form 1040, specifically focusing on the reporting of pension and annuity payments. It includes a Simplified Method Worksheet to calculate the taxable portion of these payments, guidelines for beneficiaries of deceased employees, and tables to assist in determining amounts based on age and annuity starting dates.

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Can I switch to a simplified method for home office?

Yes. You may elect to use either the simplified method or the standard method for any taxable year. However, once you have elected a method for a taxable year, you cannot later change to the other method for that same year.

What is the simplified method?

The simplified method allows you to figure the tax-free part of each annuity payment. If you made some after-tax contributions, divide your cost by the total number of monthly payments youre anticipating. For an annuity not payable for life, is the number of monthly annuity payments under the contract.

What is a simplified method worksheet?

The Simplified Method Worksheet helps you figure the taxable and tax-free parts of your annuity payments each year.

How do I avoid paying tax on my pension?

At least rollover the 80% portion of your lump sum retirement distribution. Next, attempt to rollover some portion of the withheld 20%. The key to a tax-free pension rollover is to keep your pension distribution intact in a rollover account until you reach age 59 1/2.

How to figure out taxable amount on 1099-R?

Box 2a, Taxable Amount: This is the portion of pre-tax money of your Gross Distribution (in Box 1). Any post-tax money distributed would be represented in Box 5. When combined, these two boxes should equal your total distribution in Box 1.

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How to use a simplified method?

To calculate the deduction with the simplified method, you will multiply your clients total home office space by the rate per square foot for the current tax year. As this article is published, the rate is $5 per square foot for up to 300 square feet of home office space.

How do I figure out how much of my pension is taxable?

Unless you contributed to your pension, the entirety of your pension income will be taxable at your regular income tax rate. In other words, if your pension income all comes from money your employer contributed, with no additional contributions on your part, its all fully taxable.

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Can I switch to a simplified method for home office?

What is the simplified method?

What is a simplified method worksheet?

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How to figure out taxable amount on 1099-R?

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