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BenefitsLink > Q&A Columns >

Stop, Look & Listen: Railroad Retirement Benefits Q&A

Answers are provided by Robert S. Kaufman

Income Tax Based on a Cash Basis

(Posted November 16, 2014)

Question 1220: Is a December 2013 benefit payment that is received in January 2014 treated as income for 2013, or for 2014?

Answer:

Railroad Retirement payments for the year are based on what you receive in the tax year. In the example that you cited in your question, the payment made in January 2014 for the month of December 2013 is credited to the 2014 tax year.


Important notice:

Answers are provided as general guidance on the subjects covered in the question and are not provided as legal advice to the questioner or to readers. Any legal issues should be reviewed by your legal counsel to apply the law to the particular facts of this and similar situations.

The law in this area changes frequently. Answers are believed to be correct as of the posting dates shown. The completeness or accuracy of a particular answer may be affected by changes in the law (statutes, regulations, rulings, court decisions, etc.) that occur after the date on which a particular Q&A is posted.


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