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nativelvnv
Level 1
October 15, 2021
Question

teacher purchase of years of service

  • October 15, 2021
  • 2 replies
  • 12 views

deduction for purchase of retirement years for pension 

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2 replies

abctax55
abctax55
Level 15
October 15, 2021

Research buying "air time retirement or pension.

But I fail to see how buying "more" future income is deductible....

HumanKind... Be Both
    BobKamman
    BobKamman
    Level 15
    October 16, 2021

    If bought with after-tax dollars, it's recovered the same way that other after-tax contributions to the pension cost are deducted.  Pro-rated over the life of the pension, once you start collecting benefits.  Usually there is some safe-harbor rule that allows this over all payments to age 80 or 85.  Look up pension general rule.

    If bought with pre-tax dollars -- for example, by transfer from a 401(k), 403(b) or IRA -- then it has already been deducted and you don't get to claim it again.  

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