Revenue Ruling

Ruling Number:12-88-1
Tax Type:Individual Income Tax
Brief Description:Kansas Income Tax Exemption; Retirement Annuities; Faculty and Others Employed by the Kansas State Board of Regents or by Educational Institutions Under Its Management.
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Body:
Revenue Notice 12-88-1


K.S.A. 74-4923(b) Kansas Income Tax Exemption
Retirement Annuities of K.S.A. 74-4925 (1) (a) Faculty and Others
Employed by the Kansas State Board of Regents or by
Educational Institutions Under Its Management


Advice has been requested as to whether certain faculty members, as retirement plan annuity participants, are exempt from Kansas income tax on distributions from these plans.

Faculty and others employed by the State Board of Regents or by educational institutions under its management, and as defined by K.S.A. 74-4925 (1) (a) and K.S.A. 75-2935 (1) (f), are entitled to Kansas tax exemption on income derived from retirement annuity contracts purchased for them by the State Board of Regents with either their direct contributions or through salary reduction plans.

Where annuity income is included in the adjusted gross income of federal tax returns, such taxpayers may make a subtraction from federal adjusted gross income on their Form K40 Kansas income tax returns.

When any such retirement annuity contributions are not taxable for federal income tax purposes they are also not taxable for Kansas income tax purposes.


Date Composed: 12/22/1997 Date Modified: 10/11/2001