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What is the Oklahoma or Federal Government Retirement Exclusion?

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Question
What is the Oklahoma or Federal Government Retirement Exclusion?

Answer

Each individual may exclude their retirement benefits, up to $10,000, but not to exceed the amount included in the Federal Adjusted Gross Income.
For any individual who claims the retirement exclusion on Schedule 511NR-B, line 5, the amount of the exclusion on this line cannot exceed $10,000 minus the amount already claimed on Schedule 511NR-B, line 5, in the “Federal Amount” column (if less than zero, enter zero). The retirement benefits must be received from the following and satisfy the requirements of the Internal Revenue Code (IRC): an employee pension benefit plan under IRC Section 401, an eligible deferred compensation plan under IRC Section 457, an individual retirement account, annuity or trust or simplified employee pension under IRC Section 408, an employee annuity under IRC Section 403 (a) or (b), United States Retirement Bonds under IRC Section 86, or lump-sum distributions from a retirement plan under IRC Section 402 (e). Enclose a copy of Form 1099-R or other documentation.


Oklahoma Amount Column - You may exclude up to $10,000, but not to exceed the amount of qualified retirement benefits reported in the “Oklahoma mount” column on Schedule 511NR-1. For any individual who claims the retirement exclusion on Schedule 511NR-B, line 5, the amount of the exclusion on this line cannot exceed $10,000 minus the amount already claimed on Schedule 511NR-B, line 5, in the “Oklahoma Amount” column (if less than zero, enter zero).
Enclose a copy of Form 1099 or other supporting documentation.


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Article Details
Views: 1677 Created on: Jun 15, 2013
Date updated: Aug 24, 2015
Posted in: STATES, Oklahoma

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