Public Pension Tax Deduction Changes for 2024
If you are approaching retirement or if you are already a retiree, you should know that you may be able to deduct a portion of your public pension benefit on your Missouri tax return.
If you qualify, you may be exempt from paying some or all Missouri state income tax on income you receive from MOSERS. Effective starting with the 2024 tax year, the Missouri state income tax exemption for public pensions will not exclude anyone based on filing status or adjusted gross income. Please be aware that a state tax exemption does not affect the applicability of federal tax to your MOSERS pension benefits.
Please see the Missouri Department of Revenue’s Pension Tax Year 2024 FAQs for more information.
It is important to assess your tax situation each year. Did you know that life events such as marriage, divorce, or a change in dependents may impact the amount you wish to have withheld? You may change your withholding election at any time during the year by completing the Tax Withholding Authorization and IRS W-4P forms. The amount of withholdings you elect does not change your tax liability.
We recommend that you contact the Missouri Department of Revenue or a qualified tax advisor for additional information or answers to specific taxation or tax withholding questions. The information provided by MOSERS is not tax advice, and our staff cannot legally advise you on how to fill out tax forms.