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Retirement tax questions
My husband also has the PERS retirement. In past years the distribution code was 2 and the tax was figured correctly. Of course we now know it isn't being figured the same way this year and causing Mississippi taxes to be assessed. Based on a comment in this thread I changed the distribution code to 7 on the federal portion of TT. I have no idea what this means but it left my federal tax owed the same but took away the Mississippi tax it showed that I owed on the PERS retirement. Can anyone with knowledge say if this is a good idea/work around or a bad idea. Please say why if it's not a good idea. I'm not filing until I hear from someone about this. thx!
‎February 7, 2021
4:34 PM