|
Arkansas: |
Up to $6,000 in pension income is exempt. |
|
Colorado: |
Taxpayers 55 through 64 years old can exclude up
to $20,000 ($24,000 for taxpayers 65 and over) in
pension and annuity income. |
|
Delaware: |
Taxpayers under 60 may deduct pension amounts of
up to $2,000 and those 60 or over, up to $12,500.
Eligible amounts for taxpayers 60 or over include
retirement income (dividends, capital gains
realization, interest and rental income). |
|
Georgia: |
Taxpayers 62 or older may exclude up to $15,000 of
retirement income (earned income limited to
$4,000). |
|
Hawaii: |
Distributions derived from employer contributions
to pensions and profit-sharing plans are exempt.
|
|
Illinois: |
Income from federally qualified retirement plans
and IRAs, as well as payments from businesses to
retired partners, is excluded. |
|
Iowa: |
Married taxpayers filing joint returns may exclude
up to $12,000 (half that for unmarried taxpayers)
of retirement benefits. |
|
Kentucky: |
Inflation-adjusted amounts of IRA and pension
distributions are exempt. The 2004 exemption
amount was $40,200. |
|
Louisiana: |
Up to $6,000 of pension and annuity income, of
taxpayers 65 and over, is exempt. |
|
Maryland: |
Up to $20,700 in pension income (except income
from IRAs, SEPs or Keoghs) is excludable for
taxpayers age 65 and over. |
|
Michigan: |
Up to $38,550 in pension income is deductible on a
single return ($77,100 on a joint return). |
|
Montana: |
$3,600 of pension income is exempt for filers with
income up to $30,000. For income in excess of
that, the $3,600 exemption amount is reduced.
Disabled retirees may be able to exclude income up
to $5,200. |
|
New Jersey: |
Taxpayers 62 or older may exclude up to $20,000 of
pension income or IRA withdrawals if they are
married and filing jointly ($10,000 if married and
filing separately). The exclusion is $15,000 for a
single taxpayer. |
|
New York: |
Exempts distributions from all government
(federal, state and local) pensions, as well as
Social Security and Tier 1 railroad retirement
benefits. In addition, for taxpayers 59½ and
older, $20,000 of private pension income also is
exempt. |
|
Ohio: |
Taxpayers 65 and over may claim a credit for
lump-sum distributions from retirement, pension or
profit-sharing plans equaling $50 multiplied by
the expected remaining life years. Also,
recipients of retirement benefits may claim a
credit ranging from $25 to $200, depending on the
amount of benefit received during the year. |
|
Oklahoma: |
$7,500 of retirement income from private pensions
is exempt for taxpayers 65 and over who have
adjusted gross income of $37,500 or less as a
single taxpayer ($75,000 or less for married
filers). In 2006, the exemption will increase to
$10,000. |
|
Oregon: |
Taxpayers 62 and over may claim a credit for
pension income from public or qualified private
pension benefit plans in the amount of the lesser
of 9 percent of the individual's net pension
income or the individual's Oregon personal income
tax liability. |
|
Pennsylvania: |
Pension income is not taxed.
* |
|
South Carolina: |
Taxpayers receiving retirement income may deduct
up to $3,000. Taxpayers 65 and older may deduct up
to $10,000. |
|
Utah: |
For taxpayers under 65, up to $4,800 in retirement
benefits from pensions, annuities and Social
Security is exempt, increasing to $7,500 for those
65 and older. The exemption amount is reduced (50
cents for each $1 of adjusted gross income over a
certain limit) and the limits are set according to
filing status: $32,000 for married taxpayers
filing joint returns; $16,000 for married
taxpayers filing separate returns and $25,000 for
individual taxpayers. |
