Turbo tax in past years has deducted amount of State pension covered by court case involved. This year can enter but Turbo Tax Deluxe does not eliminate the portion it should. At least wo are 100% taken off. One is about 99.9% not supposed to be taxed. TT shows it as taxed 100% on state return? Need some help or guidance on where went wrong. Previous posting showed me answer, but now does not show up under new format. Please help. Answer was there but when I went back, it was not coming up as available. !!!
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If your Kentucky Pension Income is non-taxable, you'll see that on Schedule M, Line 9, which carries over to Form 740, Line 8.
Social Security income is exempt from taxation, while other forms of income, such as from pensions, 401(k), or IRA, are exempt up to a limit of $31,110 per person. Anything above this limit will be taxed at the state's standard 4.5 percent rate.
If you're not see these correctly reported in your KY return, you may want to delete your 1099-R entry in your Federal return and re-enter it.
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