27 Miss. Code. R. 210-63-107 - Taxation of the Temporary Benefits
1. The temporary
benefit is not a disability retirement benefit. The temporary benefit is a
partial distribution of the member's accumulated contributions and is subject
to mandatory federal income tax withholding.
2. The temporary benefit will have federal
income taxes withheld in accordance with Internal Revenue Service
requirements.
3. The temporary
benefit may also be subject to a tax penalty if the member is younger than age
55 (age 50 for a qualified public safety employee) at the time of the
distribution.
4. An IRS Form 1099-R
will be issued at least annually for the temporary benefits paid during the
applicable calendar year.
Notes
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