question.jpgIn Federal Income Tax

How do I report Social Security and retirement benefits?

In most respects, coverage in a qualified employer retirement plan allows for tax-free contributions within certain limits. Certain salary reduction plans also allow elective deferrals of salary that are not taxed. Such retirement plans allow earnings to accumulate tax-free into the earnings are withdrawn. However, different rules apply to different types of plans, including the various types of IRAs (or individual retirement accounts). For more information, check the individual entries in the QuizLaw navigation to the left.