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Yes, you are correct. In fact, I tested this in my Turbo Tax program and it worked perfectly. It may be an erroneous entry when entered your information into Turbo Tax. I would do all three of these steps to ensure your retirement income is excluded in Mississippi.
I've tried steps one and two, didn't solve the issue. I have had retirement income (Mississippi) for four years, used TurboTax each time. Never had this issue in the prior three years.
To get the Mississippi pension deduction, you will first have to enter the necessary information in your Federal Income tax return and then in the Mississippi income tax return.
Here are the steps to enter your exempt Mississippi employee pension:
On the Federal Income Tax portion:
On the Mississippi return portion:
Review the Pension Deduction Summary for the deduction.
Thanks for your reply.
However, on step 6, I never get the question "Where Is This Distribution From? " screen.
Thanks.
Same thing here; it is counting my PERS as income. I never see the "Where is this distribution from?"
Are you using the TurboTax Online product or the TurboTax desktop product, and if desktop, which platform, Windows or Mac?
Or are you using the mobile app?
Online
As you can see, we are unable to reproduce this problem using the Online product. In addition to the following instructions, could you also add @ plus BillM233 (with no space in between) to the bottom of the reply so I will be notified? Thanks!
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I'm going to need your help to get more information. Please send me a diagnostic file which is a copy of your tax return that has all of your personal information removed. You can send one to us by following the directions below:
***Online Product***
***Desktop Product***
TurboTax Deluxe desktop edition, windows.
The state says,
"
Is retirement income taxable?
Generally, retirement income, pensions and annuities are not subject to Mississippi Income tax if the recipient has met the retirement plan requirements. Early distributions are not considered retirement income and may be subject to tax.
" See this MS page.
This addresses your issue.
Does this address your issue as well?
NO. It isn't an early distribution. It's a retirement pension from the state of Mississippi THAT IS NOT TAXABLE.
See: https://www.pers.ms.gov/Content/1099/Understanding_your_IRS_Form_1099R.pdf
"Retirement benefits are not subject to Mississippi State Income Tax"
I've used TT for 8 years and it has done this correctly each year. I'm sorry TurboTax has a bug in it this year. H&R Block calculated it correctly, and I will use it this year.
Token number is 725770.
No, it is not an early distribution. This is state employee retirement. I've used TurboTax for over 20 years at least, been retired for four years. Past three years I've filed with retirement pay, no problems. This is the first time I've had this issue with TurboTax.
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