HB1762

Missouri HB1762 modifies income tax deductions for private pensions, adjusting exemption levels based on income and filing status.

Missouri HB1762 modifies provisions relating to income tax deductions for private pensions. It adjusts the exemption levels for retirement benefits based on the taxpayer's income and filing status. For instance, single, head of household, or qualifying widow(er) filers with a Missouri adjusted gross income below $25,000 can claim a maximum exemption. For married filing combined filers, the exemption applies if their combined income is below $50,000. The bill also specifies the taxable portion of lump sum distributions from retirement plans and the treatment of Social Security benefits.