Retired Public Safety Officer Tax Exclusion Agreement - Nevada

Retired Tax Exclusion Agreement is a legal document that was released by the Public Employees’ Retirement System of Nevada - a government authority operating within Nevada.

FAQ

Q: What is the Retired Public Safety Officer Tax Exclusion Agreement?
A: The Retired Public Safety Officer Tax Exclusion Agreement is an agreement in Nevada that allows retired public safety officers to exclude a portion of their retirement benefits from state income tax.

Q: Who is eligible for the Retired Public Safety Officer Tax Exclusion Agreement?
A: Retired public safety officers in Nevada who meet certain criteria are eligible for the agreement.

Q: What are the criteria to be eligible for the agreement?
A: To be eligible for the agreement, a retired public safety officer must have served at least 5 years in a qualifying position, be receiving a retirement benefit from a qualifying public safety retirement system, and have reached the age of 55.

Q: What benefits can be excluded from state income tax under the agreement?
A: Retired public safety officers can exclude up to $15,000 of their retirement benefits from state income tax.

Q: How long can the exclusion benefit be claimed?
A: The exclusion benefit can be claimed for a period of 10 consecutive years, beginning with the year the retired public safety officer first becomes eligible for the agreement.

Q: Can the exclusion benefit be transferred to a spouse or child?
A: No, the exclusion benefit cannot be transferred to a spouse or child.

Q: Are federal income taxes still applicable to the excluded retirement benefits?
A: Yes, the exclusion from state income tax does not affect the obligation to pay federal income taxes on the retirement benefits.