How much was contributed to the pension comes into play.
Q. My wife just retired and is receiving a teacher’s pension. In determining the amount to exclude from income, do I use the three-year rule method or simplified method? Or do I just exclude the amount received by using the exclusion amount per the pension exclusion amount threshold for married filing jointly?can save eligible residents lots of money in taxes.based on how they contributed to the pension.
You should first exclude your wife’s pension in full until her contributions are recovered, he said. For most people this usually occurs within the first three years of retirement — the three-year rule. Once she has received an amount equal to her contributions, all payments from the pension plan are fully taxable, along with any IRA, 403 distributions or other income sources, subject to certainFor taxpayers with gross income of $100,000 or less, the maximum exclusion is $100,000 for joint filers, $75,000 for single filers, and $50,000 for married taxpayers filing a separate return, he said.
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