Except for a payment that is exempt under sub. (1) (a), (am), or (an), or that is exempt as a railroad retirement benefit, and except as provided under subd. 54m., for taxable years beginning after December 31, 2020, up to $5,000 of payments or distributions received each year by an individual from a qualified retirement plan under the Internal Revenue Code or from an individual retirement account established under section 408 of the Internal Revenue Code, if all of the following conditions apply: a.
(a)#
The individual is at least 65 years of age before the close of the taxable year to which the exemption claim relates.
(b)#
If the individual is single or files as head of household, his or her federal adjusted gross income in the year to which the exemption claim relates is less than $15,000.
(c)#
If the individual is married and is a joint filer, the couple’s federal adjusted gross income in the year to which the exemption claim relates is less than $30,000.
(d)#
If the individual is married and files a separate return, the sum of both spouses’ federal adjusted gross income in the year to which the exemption claim relates is less than $30,000.