Legal Question in Tax Law in Florida

Taxable pensions

I am a disabled police officer retired since 1986 at age 56 with a full 25 year pension. I have a permanent disability - hearing loss of 80% - incurred while on the job. Since 1986 this pension has been non-taxable. I am told now by the IRS and my accountant since I have reached the age of 65 it becomes a retirement pension and taxable. Is this information correct?

Asked on 4/29/02, 1:54 pm

1 Answer from Attorneys

Sanford Martin Martin Law Office

Re: Taxable pensions

Yes, many police/fire pension plans provide for disabiity/retirement conversion based on mandatory retirement age. The payments become taxable at date of what would have been retirement since most such plans are involve limited participant contributions.

Read more
Answered on 5/01/02, 11:30 am


Related Questions & Answers

More Tax and Taxation Law questions and answers in Florida