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Retirement tax questions
Yes; you could have both pension income and retirement contributions. You received the 1099-R for the pension distributions you received. The $4K is a deduction for retirement contributions. Any payments to SS, Medicare, or a MA retirement system count towards the deduction, so you don't have to be a public employee.
From the MA Form 1 instructions (page 11) - Amount paid to Social Security (FICA), Medicare, Railroad, U.S. or Massachusetts Retirement Systems: If a taxpayer has paid into any of these retirement systems during the year, those contributions are deductible up to a maximum of $2,000.
If you both paid more than $2K into those programs during 2022, you are both getting the maximum credit for your contributions.
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March 11, 2023
1:25 PM
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