1040 Occupation

[mattbaxx]

What do you put for occupation on your 1040 form, especially as an underaged retiree? I'll still put "teacher" this April, but wondering what is appropriate next year. Does the IRS raise its eyebrows when a early-50s fellow puts "retired" in that field?

Can't think of what else I'd put, though.

 

[Gotadimple]

The info is for statistical purposes. If you are no longer working and and not looking for work, you can put retired.

 

[azphx1972]

"Worker" (since I'm not retired yet)

 

[ERhoosier]

Why not "investment advisor"? You are your only client

 

[pb4uski]

I plan to put "Retired"

 

[audreyh1]

What do you put for occupation on your 1040 form, especially as an underaged retiree? I'll still put "teacher" this April, but wondering what is appropriate next year. Does the IRS raise its eyebrows when a early-50s fellow puts "retired" in that field?

Can't think of what else I'd put, though.

What do you mean, under-aged retiree?

We have put retired, ever since we retired.

 

[Original Wally]

Just put retired... I am a retired CPA. Don't put investment advisor.

ALSO, put your status as of 12/31/2012. Since you pulled the plug on or before that date, put retired.

 

[martyb]

I will put "Federal Employee" this year. My next one and all in the future will say "Retired".

 

[photoguy]

I always planned on putting down investment manager as my profession on linkedin when I pull the plug. But this thread make me want to put down Jedi Master.

 

[heeyy_joe]

I will simply put "NONE". I don't want the words occupation and retired intersecting in any way.

 

[W2R]

I put "retired oceanographer". That pretty much says it all, for me. I am not working, and I am SO not looking for w*rk.

 

[easysurfer]

I put "retired." Probably better as the IRS might frown on the change in income.

 

[Gumby]

As an ex-submariner, I choose "FLOB".

 

[traineeinvestor]

Unfortunately, the rest of the world is less willing to celebrate our retirement than we are.

Putting "retired" on application forms can make it harder to get visas to visit some countries (including to the US) or be granted bank credit or given access to some investment products (YMMV depending on where you live).

I will use either "company director" (for visa applications and most things) or "professional investor" for dealings with banks in Hong Kong.

 

[soupcxan]

Sex therapist.

 

[Alan]

I put Retired the first year that I was retired on 12/31. Can't see that it makes any difference to the IRS what goes in that field other than for statistics.

 

[W2R]

I always thought that in addition to statistical interests, the IRS could be checking to see if your salary was in line with your occupation. For example, if one listed "part time convenience store cashier" and yet the W-2 indicated $650,000 annual salary, they might want to call the taxpayer in for an audit.

So, in 2009 I listed my occupation as "oceanographer" because I didn't retire until November 9th. From 2010 on, I have listed it as "retired oceanographer".

 

[Alan]

I always thought that in addition to statistical interests, the IRS could be checking to see if your salary was in line with your occupation. For example, if one listed "part time convenience store cashier" and yet the W-2 indicated $650,000 annual salary, they might want to call the taxpayer in for an audit.

So, in 2009 I listed my occupation as "oceanographer" because I didn't retire until November 9th. From 2010 on, I have listed it as "retired oceanographer".

...and where was your W2 from?


Surely it is the companies listed on the W2s that are significant, rather the letters you type into the occupation field.

 

[scrabbler1]

I proudly write "Retired" on it. I did that even on my 2008 return which had an income which spiked to over $300k (due to the company stock liquidation). That complex 2008 return also included a statement describing the multiple 1099-R forms I received and the variety of ways those funds were taxed, so there was surely a degree of consistency there.

 

[braumeister]

My actual job title is Chief Economist of Braumeister Holdings, but there isn't a lot of room on the form, so I just put "Retired" instead.

 

[jwkde]

since this is my first year i plan to put "FIRE"

 

[audreyh1]

Think about it.

If you're employed, you'll have a W2 attached.

If you have your own business, you had better file a Schedule C.

Any occupation other than retired or unemployed will make the IRS wonder if you are running a cash business and failing to declare income - not good!

(I see Alan already mentioned the suspiciously missing W2)

 

[zedd]

Me 2.0

 

[ERhoosier]

Just put retired... I am a retired CPA. Don't put investment advisor.

ALSO, put your status as of 12/31/2012. Since you pulled the plug on or before that date, put retired.

With all due respect, why not write in whatever you wish (within reason)? As has been noted, "retired" can have a negative connotation in certain venues.
And as to status on Dec 31st, I do not see the logic. Would an out of w#rk architect put "unemployed" though still seeking w#rk his/her their field?
(Of course, pardon me for mentioning "logic" in connection with any gov't forms)

 

[frayne]

I may be wrong but I wouldn't think the IRS is too concerned about the occupation unless there is a mistake or they are doing an audit. I think the reason they want to know this is more for statistical purposes.