Missouri Retirement Cash Flow
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FAQ
Missouri. State Taxes on Social Security: Social Security benefits are not taxed for married couples with a federal adjusted gross income less than $100,000 and single taxpayers with an AGI of less than $85,000. Taxpayers who exceed those income limits may qualify for a partial exemption on their benefits.
If you live in Missouri and you get a government pension you can deduct up to $6,000 or 65% of your pension money from your state income taxes. The maximum amount of public pension income you can deduct in Missouri is $33,703. This amount should increase because Missouri is phasing in a new tax rate on pensions.
How do I know if I'm vested? As a general state employee, once you have worked for 5 years in a MOSERS benefit-eligible position, you are vested.
Is Missouri a good state to retire in? Missouri is the 18th most tax-friendly state for retirees, and is more tax-friendly than comparable Midwestern states like Minnesota or Michigan.
Up to 200b85 percent200b of your benefits may be taxed if you make 200bmore than $34,000200b in combined income from all sources when filing as single. Up to 200b50 percen200bt of your Social Security benefits may be taxed if your combined income is between 200b$25,000 and $34,000200b.
If you are receiving a benefit from a public pension system (such as MOSERS), and file a Missouri state tax return, you may qualify for the Missouri public pension exemption. If you qualify, you will be exempt from paying Missouri state income tax (some or all) on income you receive from MOSERS.
Missouri is moderately tax-friendly for retirees. Social Security retirement income is fully exempt for seniors earning less than $85,000 per year if filing single and $100,000 per year if filing jointly.
You can also deduct up to $6,000 of private pension income from your state income tax in Missouri. There are income limitations on this deduction. A single person who makes more than $25,000 a year cannot claim this deduction.
The Missouri legislature has historically appropriated the full amount needed from MOSERS-covered employers for pension benefits. Each year, the MOSERS Board certifies this employer contribution rate. Our external actuary calculates the rate based on various economic and demographic assumptions.
