Why is my MO tax form showing a deduction under the PRIVATE pension/exclusion? I have entered the MO distribution as the total amount on the Federal forms. I don't think private pensions get any exclusions in MO. I've spent hours trying to find the problem. Does anyone know?
Those with private pensions (including annuities, IRAs and 401(k)s funded by a private source) who meet income requirements can take an exemption of up to $6,000 per taxpayer. To claim the exemption, your income cannot exceed $25,000 for a single person, $32,000 for a married couple filing jointly, or $16,000 for a married person filing separately.
Form MO-A part 3.
Ours exceeds those numbers. Correction - I'm using TurboTax desktop.
This is how the private pension exemption amount is determined on your Missouri state income tax return.
If you are using TurboTax Desktop, you can switch to Forms Mode by clicking on "Forms" in the top right corner of your TurboTax screen. In you left panel you will see your Missouri State Tax Return.
The numbers for the exemption should be on the MO-A 2024 Individual Income Tax Adjustments page, Part 3 Section B.
Thanks for your reply. Actually, that is how I found it on my own. I finally figured out that I could see the forms and it showed me the exemption was not coming from pension, but social security. I Googled to see if Missouri had some type of law change that would have caused this. Yep, effective January 1, 2024, Social Security is no longer taxed for anyone! It was good news for a change.