Is OK Teacher Retirement considered "Federal or Oklahoma government retirement or disability..."?

Forum|Forum|2 years ago
February 7, 2024
1 reply
0 views

On the Turbotax form, is OK Teacher Retirement income considered "Federal or Oklahoma government retirement...?

TurboTax Deluxe Online

JohnW152

Yes, it is.

You're entitled to deduct up to $10,000 of these retirement benefits from your Oklahoma income for each eligible taxpayer:

Civil Service retirement from the United States
Oklahoma Public Employees Retirement System of Oklahoma
Oklahoma Teacher's Retirement System
Oklahoma Law Enforcement Retirement System
Oklahoma Fire Fighters Pension and Retirement System
Oklahoma Police Pension and Retirement System
Employee retirement systems created by counties
The Uniform Retirement System for Justices and Judges
Oklahoma Employment Security Commission Retirement Plan
Employee retirement systems created by municipalities
United States Retirement Board benefits included in your federal income

Each individual can deduct up to $10,000 of such retirement income.

szaragosa1

Where do I deduct/take the deduction for $10,000 for my Oklahoma Teacher Retirement on Turbo Tax?

DaveF1006

It depends. once you enter your 1099R in your return, there will be a follow-up question asking you the source of the income. Here you would indicate the is from Oklahoma Government Retirement. Once you check this box, $10,000 is automatically reported as an exclusion in the retirement worksheet in your Oklahoma state return and entered as a subtraction on Schedule A-1 in your Oklahoma return. It is also reflected in Oklahoma subtractions in Line 2 in Form 511.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"