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TAX: Police Officer MAY be entitled to a tax credit. He was…

TAX: Police Officer MAY be...
TAX: Police Officer MAY be entitled to a tax credit. He was told he did not qualify for a tax exemption. He earned some interest along with his income.Is there a limit on income?
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3/14/2018
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,558
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. On the federal level, I am not aware of a special tax credit for peace officers. What tax credit are you referring to?

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Customer reply replied 1 month ago
I'm sorry. This is actually a State of Maryland Exclusion. The State allows Peace Officer a pension exclusion. Not sure if you can answer this question; but is there an item or source of income that would disallow this exclusion?

Give me a few minutes to research this matter. I will get back to you shortly.

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The following information is what I came across relating to the pension exclusion.

--------------------------------------

Pension Exclusion for Retired Law Enforcement Officer or Fire, Rescue, and Emergency Services Personnel

Note: An individual taxpayer may not claim BOTH the standard Pension Exclusion and the Pension Exclusion for Retired Law Enforcement Officer or Fire, Rescue, or Emergency Services Personnel.

If you are 65 or older on the last day of the calendar year, you are totally disabled, or your spouse is totally disabled, and you have received qualified pension income, you should complete the Pension Exclusion Computation Worksheet (13A) regardless of your prior work history. It is permissible for one spouse to claim the standard Pension Exclusion and the other spouse to claim the Pension Exclusion for Retired Law Enforcement Officer or Fire, Rescue, or Emergency Services Personnel if each spouse meets the applicable required criteria.

If you meet the below criteria, use the Retired Law Enforcement Officer or Fire, Rescue, or Emergency Services Personnel Pension Exclusion Worksheet (13E) to calculate your eligible pension exclusion:

  1. You were 55 or over on the last day of the tax year, AND
  2. You were not 65 or older, or totally disabled, or have a spouse who is totally disabled, AND
  3. You included on your federal return taxable income received as a pension, annuity or endowment from an “employee retirement system” qualified under Section 401(a), 403 or 457(b) of the Internal Revenue Code, AND
  4. The retirement income is attributable to your service as a law enforcement officer or fire, rescue, or emergency services personnel of the United States, the State of Maryland, or a political subdivision of Maryland.

Each spouse who meets the above requirements may be entitled to the exclusion. If each spouse is eligible, complete a separate column on the Retired Law Enforcement Officer or Fire, Rescue, or Emergency Services Personnel Pension Exclusion Worksheet (13E). Combine your allowable exclusions from line 8 of the worksheet and enter the total amount on line rr, Form 502SU.

REFERENCE SOURCE:

http://taxes.marylandtaxes.gov/Individual_Taxes/Individual_Tax_Types/Income_Tax/Filing_Information/If_You_Are_a_Senior_Citizen/Maryland_Pension_Exclusion.shtml

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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Customer reply replied 1 month ago
Thank you so much.

You are very welcome. Thank you for the 5 star rating and the bonus. I do appreciate both.

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