Showing posts with label 1099-R. Show all posts
Showing posts with label 1099-R. Show all posts

Tax Information for Retirees

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If you are receiving a retirement check from the state of Missouri are you required to claim it on your state tax income tax return as income?
Yes, you are required to claim your MOSERS benefits on your state taxes if you are a Missouri resident. (If you are not a Missouri resident, contact your state department of revenue or a qualified tax advisor for the answer to this question.) Below is some additional information that MOSERS retirees often need when filing their taxes:

1.      MOSERS is a public defined benefit (DB) pension plan and the benefit you receive through MOSERS is considered a “public pension”.

2.      MOSERS withholds state taxes only for Missouri residents.

3.      As long as you reside in Missouri, your retirement benefits are subject to Missouri state income tax and federal tax. However, you may qualify for the Public Pension Exemption on your Missouri state tax return.

4.      We have mailed 1099-R tax forms to all retirees/benefit recipients, which you can read more about in the current Fall/Winter 2018 issue of RetireeNews.

5.      See “Understanding Your 1099-R” for additional information. Print Friendly and PDF

1099-R Tax Form

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We received two questions about 1099-Rs recently:
1. When will 2018 1099-R be on-line?
2. Why can I not receive/access my 1099R online ? It would seem to me that it would save thousands of dollars.
You can access an electronic copy of your 1099-R after we have mailed it, which will be by the end of January. Simply log in to your MOSERS Member Homepage and you will find it listed under Personal Information. Watch our website or see this article on taxes from the Fall/Winter issue of RetireeNews for more information.

We appreciate your comment indicating you would be ok getting it online only and that it would save money. We have taken that approach with our other publications and correspondence - based on individual member preference. The 1099-R is one document that we still make available to all retirees both in hard copy and online. The decision to do so is based on our experience with retiree preference and needs. However, we will certainly take your suggestion into consideration for future planning.

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Taxes on MOSERS Pension?

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Your RetireeNews, Fall Winter 2017 states if a retiree lives in Missouri, then Missouri state income tax may be due on the pension. Does this imply that if a retiree is a resident of another state (even one without a state income tax) that the Missouri pension is not taxed by the State of Missouri?
Each person’s situation may be different and we cannot advise you on your tax liability as it pertains to your MOSERS pension. We suggest you contact the Missouri Department of Revenue and/or a qualified tax advisor about your tax liability.

MOSERS withholds state taxes only for Missouri residents. If you aren’t a Missouri resident in retirement, contact the appropriate state and local tax authorities to determine the taxability of your MOSERS benefit there. We will mail 1099-R tax forms to all retirees by January 31, which you can read more about in the current Fall/Winter 2018 issue of RetireeNews.

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Taxes & Retiree Pension Benefits

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Tax reform, how does this impact a retiree benefit? Have you changed the calculators to match the appropriate tax brackets as they will be now? 
The tax reform bill that was recently passed appears to change some federal income tax brackets (the rates/percentage), including the income level ranges that fall within the brackets. Pensions continue to be considered taxable income at the federal level (unless contributions were made after-tax), so we suggest you discuss whether the federal tax changes will affect you with your tax professional.

Changes (if any) to the amount of your MOSERS benefit payment will be implemented beginning with your February payment (issued on February 28, 2018).

To the best of our knowledge, state taxation of Missouri public pensions won’t be affected by this bill. As a reminder, we included an article in our winter issue of RetireeNews about the Missouri public pension exemption.

You should have received your 1099-R tax form with information you will need to file your tax returns for 2017. If you prefer an electronic copy of your 1099-R or if you find you need a replacement copy of it, simply log in to your Member Homepage and you will find it listed under Personal Information.

Yes – we have updated the Federal Tax Calculator on our website. If you decide you want to change either your state or federal tax deductions from your monthly pension benefit, you may do so at any time. Simply submit a new Substitute W-4P form available on the Retiree Forms page of our website for you to print and mail in, or log in to your MOSERS Member Homepage and submit this form electronically.

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1099-Rs for MOSERS Retirees

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When will 1099s be distributed, or is there a way I can go online to get my last years benefit information? 
We will mail your 1099-R form by January 31. If you prefer an electronic copy of your 1099-R or if you find you need a replacement copy of it, simply log in to your Member Homepage and you will find it listed under Personal Information. Your 1099-R form will be available for you to view or print after they have been mailed.


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Retiree 1099-R Tax Forms

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When will Tax form 1099 be available? Will it be available on line?
By January 31, MOSERS will mail your 1099-R form. This form lists your 2016 retirement benefit income from MOSERS. You will need this form to file your income tax return.

If you prefer an electronic copy of your 1099-R or if you find you need a replacement copy of it, simply log in to your Member Homepage and you will find it listed under Personal Information. Your 1099-R form will be available for you to view or print after they have been mailed. Please watch the MOSERS website for updated information

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Retirement & Tax Forms

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I left state employment on 12-31-15. Will MOSERS send my W2 form or does department of correction send out W2?
A W-2 Form will come from a current or former employer, not from MOSERS. A W-2 Form is used to report wages paid to employees and the taxes withheld from them.

MOSERS will send 1099-R forms to anyone who received any pension/retirement benefits from MOSERS during calendar year 2016. For tax reporting purposes, wages and retirement benefits are different. MOSERS will send 1099-R forms for 2016 by January 31, 2017. Read the article in the Fall/Winter issue of RetireeNews for more information about 1099-R Forms.

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Public Pension Exemption

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My spouse is in LAGERS. He recently received information about something called Missouri Public Pension Exemption. Is MOSERS a part of this, too?
Yes, since MOSERS is a public pension plan, our retirees may qualify also.  We post information on our website as well as include an article each winter in RetireeNews about the Public Pension Exemption as many retirees start preparing their tax information.  MOSERS is required to mail 1099-R retiree tax forms by January 31st. To find out if you are eligible, you should speak to your tax professional or contact the Missouri Department of Revenue. They have a qualification chart on their website. Print Friendly and PDF

1099-Rs to be Mailed in Late January

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When will the tax statements be ready?
1099-Rs are mailed in late January. Here is a link to an article about this in our most recent edition of RetireeNews. Once the 1099-Rs have been mailed, they will also be accessible online in the secure member area of our website. Print Friendly and PDF

1099-Rs for Retirees

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When will 1099-R's be available by web?
1099-Rs are mailed in late January. Here is a link to an article about this in our most recent edition of RetireeNews. Once the 1099-Rs have been mailed, they will also be accessible online in the secure member area of our website.
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How does the new change in the law affect how our retirement is taxed by the State of Missouri?

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How does the new change in the law affect how our retirement is taxed by the State of Missouri?If a retiree elects BackDROP, how is BackDROP shown on the 1099 you issue?Does the tax exemption apply to Deferred Compensation distributions?
Missouri Tax Changes:
One of the 2007 changes for Missouri income tax filers is the
public pension exemption. Married couples with Missouri adjusted gross income less than $100,000 and single individuals with Missouri adjusted gross income less than $85,000, may deduct the greater of $6,000 or 20% of their public retirement benefits, to the extent the amounts are included in their federal adjusted gross income. The deductible percentage of their public retirement benefits will increase each year until 2012 when it will become 100%. The total public pension exemption is limited to the maximum social security benefit of each spouse. Those that exceed the Missouri adjusted income limits may qualify for a partial exemption.
Information regarding the public pension exemption may be found on the
Missouri Department of Revenue’s website, by contacting one of their tax assistance centers, or by contacting a tax professional.
BackDROP and 1099-R:How the BackDROP amount appears on your 1099-R depends on how you elect to receive the BackDROP distribution from MOSERS. If you elect to roll your BackDROP distribution over to a traditional IRA or eligible employer plan, you will receive two separate 1099-Rs – one for the BackDROP amount and one for your monthly retirement benefit.
If you elect the cash option to receive your distribution, the BackDROP amount will be included on the same 1099-R as your monthly retirement benefit as long as you have reached age 59 1/2 in the year you receive the distribution. If you receive the distribution in a year before you reach age 59 1/2, you will receive a separate 1099-R with a distribution code of 1 which indicates an early distribution subject to the 10% additional federal income tax or a distribution code of 2 which indicates an exception to the 10% additional federal tax for those who are at least age 55 in the year they terminate employment and receive their distribution (age 50 for those that are qualified public safety employees). Whether you elect to receive the cash distribution in one lump sum or three installments, your 1099-R will reflect the taxable amount you receive during that tax year. The taxable portion of your payment will be taxed in the year of distribution unless you roll it over. Under certain circumstances, you may be able to use special tax rules that could reduce the tax you owe. For a detailed explanation of the payment methods and tax consequences, please review our
Special Tax Notice brochure, which is available on our website or by contacting MOSERS.
Deferred Compensation:

Any questions regarding the withdrawal of funds and issuance of 1099s from the State of Missouri Deferred Compensation Plan should be directed to CitiStreet at (800) 392-0925 or (573) 893-1053. Print Friendly and PDF

Since MOSERS promotes "Paperless" info, is there any possibility that members could download their W2's from the website so we can access this informa

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Since MOSERS promotes "Paperless" info, is there any possibility that members could download their W2's from the website so we can access this information quickly.
W2s report earnings for active employees and must come from your employer.
Pension earnings for retirees and survivors are reported on 1099-Rs and are mailed directly to you by MOSERS. Our plan is to make them available online by the end of this year.

When this feature is available online, we will send an email to those who signed up to receive New Website Features and Updates. This is just one of the notifications you may elect to receive electronically. Once you log in to MOSERS’ website using your password, go to Email Options and select the items you would like to receive by email. Print Friendly and PDF

Will you only be mailing out our 1099-Rs for this year or can we print it out online? When would they be available?

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Will you only be mailing out our 1099-Rs for this year or can we print it out online?  When would they be available?
We are required to mail 1099-Rs to retirees by the end of the month each January.
We are reviewing the Internal Revenue Service’s requirements to determine if we can develop a process to allow members to reprint the 1099-R forms electronically. We will let members know if this process will be available next year. Print Friendly and PDF

When can we expect to get our 1099s in the mail?

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When can we expect to get our 1099s in the mail?
MOSERS is currently in the process of printing 1099-Rs for 2005. All retirees should receive their 1099 by the end of January. Print Friendly and PDF