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Retirement tax questions
First, I can't see the tax form because I have not completed and paid for the service, and I don't want to pay for the service if i am uncomfortable with the accuracy of the calculation. I am using the online application.
The problem is not with Social Security. I have a state government pension. I am a retired state employee. Before 2024, public pension income was exempt for taxpayers under a certain income threshold. The Missouri General Assembly changed the law (which became effective January 1, 2024) to remove the income limit on the pension exemption, but limit the exemption to the amount of the full federal Social Security benefit and reduced by the amount of any Social Security exemption claimed. Based on my understanding of the law about $43,000 of my state pension should be exempt from Missouri tax. I did not receive Social Security in 2024. THe only information Turbo Tax provides is that it checked if I qualify for a public pension exemption and that I do not. There is no explanation or calculation to show how it arrives at that conclusion. Here is the MO DOR's summary of the change in law: https://dor.mo.gov/faq/taxation/individual/pension-tax-year-2024.html