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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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is a lump sum excess distribution taxable in the state of mississippi

Resolved Question:

is a lump sum excess distribution taxable in the state of mississippi for a retiree ?
Submitted: 7 years ago.
Category: Tax
Expert:  Merlo replied 7 years ago.

Hello JA Customer,


While regular pension income is exempt from tax in MS, excess distributions are subject to tax.


The instructions for line 43 where taxable pension income is reported state the following:


Enter the total amount of taxable pensions and annuities received on this line. Pensions and annuities that are taxable as early or excess distributions under the Federal Internal Revenue Code (see Federal Form 5329) do not qualify for exemption from Mississippi income tax. Such income should be reported on this line as taxable income.


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