IRS Drafts Update of Pension and Annuity Income Guide

March 8, 2021 by Allison Bell

The Internal Revenue Service has released a draft version of an important financial services tool: an update of Publication 575: Pension and Annuity Income.

The new update is supposed to help taxpayers prepare their personal federal income tax returns for 2020.

The publication serves as a kind of retirement arrangement tax encyclopedia. It provides sections on disability pensions, insurance premiums for retired public safety officers and railroad retirement benefits, as well as sections on variable annuities, Section 457 deferred compensation plans and retirement plan distribution rollovers.

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Originally Posted at ThinkAdvisor on March 3, 2021 by Allison Bell.