Is a 401k an "Other Qualified Exempt Retirement Benefit", Code 05E?
023598
2 Replies
MaryK1
Level 9
Jun 4, 2019 12:59:01 PM
It depends on who issued it. Retirement system benefits that may be excluded from Louisiana income tax
Annual
Retirement Income Exclusion—Persons
65 years or older may exclude up to $6,000 of annual retirement income
from their taxable income. Taxpayers that are married filing jointly and
are both age 65 or older can each exclude up to $6,000 of annual
retirement income. If only one spouse has retirement income, the exclusion
is limited to $6,000.
Federal
Retirement Benefits Exclusion—Federal retirement benefits
received by federal retirees, both military and nonmilitary, may be
excluded from Louisiana taxable income.
State
Employees, Teachers, and Other Retirement Benefits Exclusion—Individuals
receiving benefits from certain retirement systems are
allowed to exclude those benefits from their Louisiana tax-table income.
In addition, Municipal and
State Police Employees Retirement System deferred retirement option plan
funds are exempt from state income tax.