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jendor2
Returning Member

Pension distribution choice

What type of distribution is MI Public School Employees System?  Not sure what to check in TuboTax.

Is it a qualified public pension?  My determines if all or part of pension income is excludable on Michigan State return.

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1 Reply
AlexanderS08
Expert Alumni

Pension distribution choice

A subtraction is allowed on the Michigan return for qualifying distributions from retirement plans. Retirement plans include private and public employer plans, and individual plans such as IRA's. To be considered a qualified distribution for the subtraction, several requirements must be met.

 

For employer plans, an employee must have retired under the provisions of the plan, the pension benefits must be paid from a retirement trust fund, and the payment must be made to either the employee or a surviving spouse. (Payments made to a surviving spouse are only deductible if the employee qualified for the subtraction at the time of death.) For qualifying distributions, there may be a limitation on the amount of the exemption that can be claimed.

 

Source: MI 2019 Pension and Retirement Info

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