Payroll for NA / Time and Labor - PSFT (MOSC)

MOSC Banner

CT Income tax exemptions from Retirement income

edited Feb 5, 2024 3:00PM in Payroll for NA / Time and Labor - PSFT (MOSC) 9 commentsAnswered

Cloud PeopleSoft Enterprise PT, Version 8.6 Linux SPARC Tools 8.6

This legislative action was passed in CT and we were wondering if Oracle was going to offer a delivered option for this. Otherwise, we expect over 40 thousand CT -W4 requests pertaining to the below.

Currently, taxpayers with AGIs of less than $75,000 or $100,000 (as applicable) are fully exempt from income tax on their pension and annuity income and partially exempt from income tax on IRA income (the IRA exemption does not fully phase-in until the 2026 tax year). Until the 2024 tax year, those with incomes equal to or greater than these amounts do not qualify for the pension and annuity or IRA income exemptions. However, the FY 24-25 budget act eliminates this cliff for the 2024 tax year and beyond by increasing the eligibility thresholds and correspondingly phasing out the exemptions. 

Howdy, Stranger!

Log In

To view full details, sign in to My Oracle Support Community.

Register

Don't have a My Oracle Support Community account? Click here to get started.

Category Leaderboard

Top contributors this month

PSFT NA Payroll Tags

Instructions for posting

×

1. Select a discussion category from the picklist.


2. Enter a title that clearly identifies the subject of your question.


3. In the body, insert detailed information, including Oracle product and version.


Please abide by the Oracle Community guidelines and refrain from posting any customer or personally identifiable information (PI/CI).


Cloud / Fusion customers - Our Cloud community has moved! Please go to Cloud Customer Connect .


New to My Oracle Support Community? Visit our Welcome Center

MOSC Help Center