How is the retirement benefits amount to subtract on line 11 of WI form 1 determined? I am questioning the amount....it seems so high.
You'll need to sign in or create an account to connect with an expert.
It depends on where your retirement benefits were from.
If they were from the Wisconsin State Teachers Retirement System, certain Milwaukee city and county retirement systems, or a U.S. government retirement system as of December 31, 1963, your pension is exempt from Wisconsin income tax. In addition, all retirement payments received from the U.S. military retirement system (paid by the Defense Finance and Accounting Services) and from the U.S. government that relate to service with the Coast Guard, the commissioned corps of the National Oceanic and Atmospheric Administration, or the commissioned corps of the Public Health Service are exempt from Wisconsin income tax. If your pension is from these sources, you'd see the entire amount on line 11.
If your pension is not one of those, you are able to claim a Retirement Income Exclusion of up to $5,000 if you (or your spouse if married filing a joint return) were age 65 or older on December 31, 2017, and your federal adjusted gross income (AGI) is less than $15,000. If married, combined AGI must be less than $30,000, whether filing jointly or separately.
See page 4 of this link for retiree information from Wisconsin.
wondering if I qualify , started in 1959 and retired in 1998
@DeAnn Leonard Retired from where? Did you see the post above yours with the long discussion of all the places that are exempt? Please reply if we can be of any further help.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Tenea0
Level 1
vickycoker57
New Member
Sc00ter01
Returning Member
jfloveless
New Member
Stllwtrs
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.