With the April 15th filing deadline for the 2007 tax year approaching, MOSERS would like to remind its members of a change in 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 until 2012. A breakdown of the yearly percentage is as follows:

The total public pension exemption is limited to the maximum social security benefit of each spouse. Married couples with Missouri adjusted gross income greater than $100,000 and single individuals with Missouri adjusted gross income greater than $85,000, may qualify for a partial exemption. More information on the exemption is on the Missouri Department of Revenue’s website.