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The taxable amount you should report from your RRB-1099-R form depends on the type of benefits you received.
If you received Tier 1 Railroad Retirement Benefits, they are treated similarly to Social Security benefits for tax purposes. The taxable portion could be anywhere from 0% to 85% of the benefits, depending on your other income.
If you received Tier 2 benefits, a portion of these benefits may be taxable as well. The taxable amount of Tier 2 benefits should be listed in Box 5 of your RRB-1099-R form.
Remember, the total taxable amount of your benefits (whether Tier 1 or Tier 2) should be reported on Line 5b of your Form 1040 or 1040-SR.
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