Question

CT1040 line 48b pension/Annuity 14% subtraction

Forum|Forum|6 years ago
April 11, 2020
1 reply
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Line 48b is a 14% reduction of any pension or annuity that is on line 4d of the IRS 1040 form. Military retirement is listed on line 44 as a subtraction and not taxed. My wifes annuity/pension is a division of property, and according to CT DRS it qualifies for the 14% subtraction, however I haven't been able to find how to get it onto line 48b. if I list it under subractions it shows up on line49,not on 48b where it should be. what is the solution.

D

DanaB27

Yes, if your filing status is married filing jointly with federal AGI of less than $100,000, and you receive income from certain pensions and annuities, such as from a defined benefit plan, 401(k), 403(b) or 457(b) plans, you should qualify for this 14% of Pension or Annuity Income subtraction modification on line 48b.

Did you indicate during the federal interview that your wife’s pension was from a Qualified Plan? You only qualify for the 14% subtraction if it was from a Qualified Plan.

Click "Federal Taxes" on the top
Click "I'll choose what to work on"
Scroll down and click "Update" next to "IRA, 401(k), Pension Plan (1099-R)"
Click “Edit” next to your wife’s 1099-R
Continue until you get to “Was This Distribution From a Qualified Plan?” and select “From a Qualified Plan”

After you went over the interview questions CT return, entered your Military Retirement Pay and finished with all income it should pull the 14% subtraction automatically on line 48b. If not then you might have to delete and redo the state return.

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