35 Miss. Admin. Code Pt. III, Subpt. 2, Ch. 07 — Income from Retirement Allowances, Pensions, Annuities or Optional Retirement Allowances

Retirement Allowances
100 Amounts received as retirement allowances, pensions, annuities or optional retirement
allowances from any Federal, State, and Private retirement system or plan are exempt from
State Income Tax.
101 Optional retirement allowances include all income from Keogh Plans, Individual
Retirement Accounts (IRA'S), and other similar tax deferred plans.
102 Optional retirement allowances also include income from deferred compensation plans to
the extent these plans are tax deferred under federal income tax law and the recipient is
qualified to receive other retirement income based on minimum age, years of service, or
other criteria at the time of receipt of the deferred compensation.
103 Amounts received as a distribution under a Roth Individual Retirement Account shall be
treated in the same manner as provided under the Internal Revenue Code of 1986, as
amended.
104 Early distributions from retirement plans do not qualify for this exemption. Although these
amounts are subject to state income tax, there is no early withdrawal penalty for state
purposes. In addition, the terms "retirement allowances, pensions, annuities or optional
retirement allowances" do not include income from investments in stocks, bonds,
intangible securities, real properties, or tangible properties.
105 The above exemption from income tax extends to the spouse or other beneficiary upon the
death of the primary retiree.
106 (Reserved)
107 (Reserved)