Retired public safety officers can elect to exclude from gross income up to $3,000 of distributions from qualified retirement plans that are used for qualified insurance premiums (this is NOT a tax credit). When taking the exclusion, write “PSO”) on line 4b of Form 1040.
An arrangement under which one person transfers legal ownership of assets to another person or corporation (the trustee) for the benefit of one or more third persons (beneficiaries).