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No. In order to claim a Military Benefits Subtraction (also known as the Military Retirement Subtraction), the eligible military benefits subtracted must be included as income on your federal income tax return and you may only subtract up to: $20,000 of eligible military benefits on your tax year 2023 return;
After enacting a state tax exemption for military retirement pay in 2022, this expanded benefit will apply to all military retirees regardless of age and takes effect in the taxable year...
Military personnel stationed inside or outside Virginia may be eligible to subtract up to $15,000 of military basic pay received during the taxable year, provided they are on extended active duty for more than 90 days. For every $1.00 of income over $15,000, the maximum subtraction is reduced by $1.00.
17 lip 2024 · Virginia: A $20,000 exemption in the 2023 tax year; $30,000 in 2024, with the age requirement expiring in this tax year; and $40,000 in 2025 and beyond. Related: State tax information for...
22 gru 2022 · As a veteran over 55, you can deduct up to $40,000 of your retired military pay from Virginia taxable income. This Virginia veteran tax credit phases in over four years, starting at $10,000 for the 2022 tax year and increasing by $10,000 yearly until 2025.
9 wrz 2022 · Under the new law, starting in 2022, Virginia is making up to $10,000 in military retirement pay tax-free for those ages 55 and older. The state income-tax deduction will increase by $10,000...
Up to $15,000 of military basic pay received during the taxable year may be exempted from Virginia income tax. The subtraction is reduced when military pay exceeds $15,000 and is fully phased out when pay reaches $30,000 (i.e., for every dollar that military basic pay exceeds $15,000, the subtraction is reduced by one dollar).
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