I receive a pension from a public school retirement system that I contributed to. What do I put for source?

I contributed a percentage of my pay every month for this pension.  Is it considered a private-sourced pension?

PhyllisG
New Member

Retirement tax questions

Pensions received from any federal, state, or local government are considered public pensions. Pensions that are not government issued (e.g. Individual Retirement Accounts [IRAs]) are generally considered private. 

In most states public school pensions are a defined benefit retirement plan. In these plans, your pension is tied to a formula that calculates a monthly defined benefit based on years of service in that retirement system and a final average salary.

If you receive this type of pension, then it is not considered a private-sourced pension. It is advised that you consult with your plan administrator for a definitive answer.

[Edited February 20, 2019 | 1:30 pm]

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PhyllisG
New Member

Retirement tax questions

Please refer to the edited version dated February 20, 2019.