JACKSORH Posted February 9, 2015 Report Share Posted February 9, 2015 MY client was a teacher/principal for 30 years and I was reading that if you were a part of the teacher retirement system, e.i., WI retirement and Milwaukee Teacher's retirement that you could subtract the total pension you received ($70,000.) from total income when preparing your WI Form I state return on line 11 under other subrations thereby lowering your total wisconsin income of 109,000 to 39,000. Does this sound correct? Thanks for your help. Quote Link to comment Share on other sites More sharing options...
Terry O Posted February 9, 2015 Report Share Posted February 9, 2015 I can only speak for NYS - -and YES, a NYS pension is totally excluded from NYS taxable income. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted February 10, 2015 Report Share Posted February 10, 2015 In WI, only retirement benefits based on qualified membership which began before January 1964 MAY BE SUBTRACTED. Any portion of benefits received that are based on membership in other nonqualifying retirement systems or based on employment which began after December 31, 1963, is taxable and may not be subtracted from Federal income. I only have one retired WI teacher who qualifies for the deduction. So, it would depend on when your teacher started teaching and when he/she retired. If the teacher is newly retired, 30 years would NOT qualify. 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.