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Maine Revenue Services cannot provide additional information beyond what is provided in your notice. The Maine state tax percentage ranges from 5.8 to 7.15 percent , depending on your income and filing status. The following statements are from a resource document found at mainepers.org. In 2021, that amount increases to 65%, and in 2022 . PDF 18 Department of Administrative and Financial Services 125 Bureau of You must complete the Worksheet for Pension Income Deduction available on the MRS Forms page, and submit the worksheet with your income tax return to claim the pension income deduction. Do not include your spouses name or social security number on the front of Form 1040ME. You may decide to work part-time while in Maine. PDF Income Tax Deductions for Retirement Income - Connecticut General Assembly You can also purchase a park pass through Maine Revenue Services when you file your income tax return on or before the original due date of the return. The systems requires members to contribute during their careers so that when they retire, there is a large enough fund for them to receive monthly benefits. As mentioned, MainePERS breaks down into multiple plans and programs, with each covering a certain group of workers. Senator Shenna Bellows says right now, Maine does not tax the Social Security incomes of retirees, but there is still a state income tax on state pensions. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. For more information on safe harbor residency, see the Residency Safe Harbors for Residents Spending Time Outside Maine Guidance Document. We also strongly recommend that you do some further preparation, such as discussing the matter with your tax advisor, before making important decisions that may affect the taxability of your pension and other retirement income. All Social Security income in Maine is exempt from the state income tax. 1.Total eligible non-military pension income (both Maine and non-Maine sources) included in your federal adjusted gross income (from federal Form 1040, lines 4b and 4d or . Allow 6 to 8 weeks from the date you return the check to Maine Revenue Services for a new refund check to be issued. Information contained on this Web site is neither a legal reference nor a complete statement of the laws or MainePERS administrative rules. The deduction will increase to $30,000 for tax year 2023 and $35,000 for tax years after January 1, 2024. NOTE: With more than one MPERS 1099-R, add the amount from all 1099-Rs together. How do I complete the Credit for Income Tax Paid to Other Jurisdiction Worksheet? It is important to pay as much of the tax due as you can by the due date. Thrift Savings Plan (TSP) does not withhold taxes for state or local income tax, but it is reported annually on IRS Form 1099-R. . (Review the discussion about Differences with Federal taxes.). If the changes result in a refund due to you, Maine Revenue Services has 60 days from the date we receive your complete return to process your refund before any interest is due you. In prior years, this activity generated a loss, but this year I realized a gain. If you cannot pay all of your taxes by the original due date, you should still file your return on time. For calendar year 2022, the underpayment penalty is 5%, compounded monthly. If your bank will not accept the refund check, you must complete MaineForm 1310ME, Statement of Person Claiming Refund Due a Deceased Taxpayer, to have the check reissued to the estate and the surviving spouse. I forgot to attach my W-2 form(s) when I mailed my return.