2024 Tax Information

As a PSRS/PEERS retiree, all, or most, of your monthly retirement benefit is subject to both federal and state income tax.

Your IRS Form 1099-R

All PSRS/PEERS benefit recipients will be mailed a tax year 2024 IRS Form 1099-R postmarked no later than January 31. Forms will also be available to view and download in Web Member Services.

Your 1099-R shows the total amount of funds you received from PSRS/PEERS throughout 2024. It includes details on both federal and state taxes withheld and identifies the portion of your benefits considered taxable income.

Make sure to have this form ready when filing your 2024 income tax returns. If you have a tax advisor, you will need to provide them with this information.

The Missouri Public Pension Exemption for 2024

Missouri offers a public pension exemption and depending on a variety of factors, you may be able to deduct up to 100% of your 2024 PSRS/PEERS retirement benefits on your Missouri income tax return.

Starting with the 2024 tax year, this exemption is no longer limited by your filing status or Missouri adjusted gross income. Please also note that the public pension exemption is capped at the maximum Social Security benefit of each individual in a household.

To learn more about eligibility and how this exemption could impact your tax situation, visit www.dor.mo.gov or get in touch with the Missouri Department of Revenue by phone at (573) 751-3505 or email at [email protected].

PSRS/PEERS cannot advise you on whether you should have income tax withheld from your benefit payments. However, if tax withholding or your estimated tax payments are not sufficient to meet your tax liability, you may be subject to penalties and interest charges in addition to your tax obligation. For more information, we recommend that you consult with the IRS at (800) 829-1040, the Missouri Department of Revenue at (573) 751-3505, or a tax professional of your choice.