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Louisiana Retirement Benefits

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Question
Louisiana Retirement Benefits

Answer

 

Louisiana State Employees’ Retirement Benefits – Enter the amount of retirement benefits received from the Louisiana State Employees’ Retirement System. This amount should be included in the amount on Schedule E, Line 1.

 

Louisiana State Teachers’ Retirement Benefits – Enter the amount of retirement benefits received from the Louisiana State Teachers’ Retirement System. This amount should be included in the amount on Schedule E, Line 1.

 

Federal Retirement Benefits – Enter the amount of retirement benefits received from a Federal Retirement System. This amount should be included in the amount on Schedule E, Line 1.

 

Other Retirement Benefits – Enter the amount of retirement benefits received from any retirement systems whose benefits are specifically exempted by law from Louisiana income tax. In the space provided, enter the name of the retirement system or the statutory citation exempting these benefits from Louisiana income tax. A list of the eligible retirement systems and their statutory citations can be found at www.revenue.louisiana.gov/FAQ/Details/1216.

 

Annual Retirement Income Exemption for Taxpayers 65 Years of Age or Older – Up to $6,000 of your annual retirement income may be exempted from state taxation if your filing status is single, head of household, married filing separately, or qualifying widow(er), and you are 65 years of age or older. If your filing status is married filing jointly, both you and your spouse are age 65 years or older, and each of you received annual retirement income, up to $6,000 of the annual retirement income that each taxpayer receives may be exempt from state taxation. “Annual retirement income” that is taxable to Louisiana is any distributions from a pension, an annuity, or an individual retirement arrangement (IRA) that you receive and report on Federal Form 1040, Line 4b. Do not include retirement benefits that are coded as 02E, 03E, 04E, or 05E. Enter the name of the payor on the line provided.

 

If your filing status is single, head of household, married filing separately, or qualifying widow(er), determine the exempt amount that should be entered for code 06E by completing the FIRST COLUMN of the worksheet provided below.

 

If your filing status is married filing jointly, determine the exempt amount that should be entered for code 06E by completing BOTH COLUMNS of the worksheet provided below.

 

Taxable Amount of Social Security – Social Security benefits that are taxed on your federal return are exempt from Louisiana tax. Enter the amount shown on your Federal Form 1040, Line 5b.

 


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Views: 1342 Created on: Jun 15, 2013
Date updated: Jan 09, 2019
Posted in: States, Louisiana

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