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Idaho Retirement Benefits Deduction

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Question
Can I deduct my Idaho retirement benefits?

Answer

Retirement Benefits Deduction
If you are age 65 or older, or if you are disabled and age 62 or older, you may be able to deduct some of the retirement benefits and annuities you receive. You cannot claim this deduction if you file married filing separate.  If you're an unremarried widow or widower of a pensioner and receive qualifying survivor benefits, you may be eligible to claim the retirement benefit deduction if you meet the age/disability requirements. 

 Only the following are qualified retirement benefits:

  • Civil Service Employees: Retirement annuities paid by the United States of America Civil Service Retirement System to a retired civil service employee or the unremarried widow of the employee if the recipient is age 65 or older, or disabled and age 62 or older. To qualify for the deduction, the employee must have established eligibility before 1984. Retirement annuities paid to a retired federal employee under the Federal Employees Retirement System don't qualify for the deduction.  
  • Idaho Firemen: Retirement benefits paid from the firemen's retirement fund of the state of Idaho to a retired fireman or the unremarried widow of a retired fireman if the recipient is age 65 or older, or disabled and age 62 or older.
  • Policemen of an Idaho city: Retirement benefits paid from the policemen's retirement fund of a city within Idaho to a retired policeman or the unremarried widow of a retired policeman if the recipient is age 65 or older, or disabled and age 62 or older.
  • Servicemen: Retirement benefits paid by the United States to a retired member of the U.S. military service or the unremarried widow of such member if the recipient is age 65 or older, or disabled and age 62 or older.

The amount deducted must be reduced by retirement benefits paid under the Federal Social Security Act and the Federal Railroad Retirement Act and the Tier I benefits paid under the Federal Railroad Retirement Act received by you and your spouse. 

Disability pension paid by the Federal Railroad Retirement Act may not be included in Box 5 of your Form RRB-1099, if you are under the minimum retirement age. Instead it may be included on line 7 of Form 1040 wages.

The maximum amounts that may be deducted are:

  • Married filing jointly:
    • age 65 or older ........................................................... $47,934
    • age 62 or older and disabled .......................................  $47,934
  • Single:
    • age 65 or older ........................................................... $31,956
    • age 62 or older and disabled .......................................  $31,956

Complete Part C and attach Form(s) 1099 for all qualified retirement benefits claimed.


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Article Details
Views: 1140 Created on: Jun 15, 2013
Date updated: Jan 02, 2019
Posted in: States, Idaho

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