Vanessa A
Employee Tax Expert

Retirement tax questions

It depends.  There is not a specific age requirement for the Pension Income Deduction. It is based on the type of retirement you are receiving and the rules to be eligible for that plan.

 

The maximum amount of the deduction is $48,216 per individual.  

 

There is an income phase-out for eligibility for the pension exclusion.  If your federal adjusted gross income is more than $125,000 and you are single or married filing separately then the deduction begins to phase out.  The deduction is NOT available if your federal AGI is over $225,000 if single or MFS.  So depending on the amount of your 401k withdrawal, you may or may not qualify for some or all of the exclusion. 

 



 

 

 

 

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