Discussion:Maine Teacher Retirement

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

Discussion Forum Index --> Basic Tax Questions --> Maine Teacher Retirement

Discussion Forum Index --> Tax Questions --> Maine Teacher Retirement

Hippie (talk|edits) said:

2 March 2013
New client who states that their retirement from Maine Teachers Plan is not taxable in Maine. Not having filed in ME before and after searching the DOR site and the Yellow Box here, I am coming up blank. Where on the Maine forms would this income be excluded?

CrowCPA (talk|edits) said:

3 March 2013
Well, if the teacher was talking about Massachusetts, I would say yes, that is so. However, I do not have any Maine retired teachers in my workload. If it is anything like Massachusetts, look closely at the W-2. Compare the federal benefit to the state benefit amount.

Breezly (talk|edits) said:

4 March 2013
If they are a Maine resident then a portion of the retirement is taxable. Maine State retirement system is partly participatory and the portion of retirement benefits that represents the employee contributions is not taxable. This will be evident on the 1099-R

Taxesido (talk|edits) said:

4 March 2013
I do not do Maine tax returns but looking at Quickfinder's All States book in the subtractions from income section it shows this:

Pension income deduction of $6000 (12000 MFJ) of eligible pension income which includes state, federal and military pensions. Also Maine State Retirement pickup contributions. These contributions distributed to recipients who retired after 1988 and are receiving benefits, have been previously taxed by the state.

To join in on this discussion, you must first log in.
Personal tools