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TAXPAYER RETIRED FROM STATE OF MARYLAND AND THEN AGAIN FROM CITY OF BALTIMORE. HE IS ELIGIBLE FOR THE PSO EXCLUSION. CAN HE TAKE IT ON BOTH OR JUST ON ONE?
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It's Sunday morning (as least on the Left Coast), so maybe don't yell at us?
Was he a PSO?
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First, make sure he is in the right age range. Then, he can take the exclusion up to the dollar limit, but it's not an exclusion that is for each pension. There is a dollar limit. Yes he can take it for either or both, but not more than the limit.
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Sorry - wasn't yelling - type in caps on returns - habit.
Yes, he is a PSO
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Isn't the age range over 59-1/2? He is 66. He has two retirement income, one state and one city (both PSO); wife also has City (also PSO). She is 60.
Thank you
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received three letters (1 from state for him) and one each from city
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Are you referring to the health insurance exclusion of $3000 or the pension exclusion of $15000?Each spouse is eligible for both exclusions. If they are between 55 and 65, they are eligible for a $15000 pension exclusion. After they are 65, they are eligible for the regular pension exclusion. The $3000 health insurance is available regardless of age, is limited to $3000 up to the amount paid for health insurance through that pension.
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the health insurance exclusion. so a total of $9,000 for the health insurance exclusion.
Thank you very much.
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proseries will not allow it - maximum of $3,000 per person.
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I'm not sure that they can take $9000. I think it should be $6000, but the better question is why are they paying for three different insurance policies? They are eligible to exclude $3000 each, but they have to pay that through the pension. They shouldn't have coverage from 3 places.
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you are absolutely correct. thank you very much!
