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Here's how the legislation shapes up:
New Mexico: Beginning in 2022, up to $10,000 of military retirement is tax free. That amount increases to $20,000 in 2023, and to $30,000 until at least 2026, according to a governor’s press release.
Oklahoma: Military retirement income is fully tax free beginning in 2022, according to a state Senate press release.
Rhode Island: Military retirement income is fully tax free beginning in 2022, according to a governor’s press release.
South Carolina: Military retirement income is fully tax free beginning in 2022, according to a state government press release.
Vermont: Beginning in 2022, up to $10,000 in retirement income is tax free for those with a gross income less than $50,000 for single filers or $65,000 for joint filers, according to a state legislature press release.
Virginia: In 2022, up to $10,000 in retirement pay is tax free for retirees 55 and older. That amount increases by $10,000 each year until 2025, when up to $40,000 is deductible, according to a state assembly press release.
New Mexico: Beginning in 2022, up to $10,000 of military retirement is tax free. That amount increases to $20,000 in 2023, and to $30,000 until at least 2026, according to a governor’s press release.
Oklahoma: Military retirement income is fully tax free beginning in 2022, according to a state Senate press release.
Rhode Island: Military retirement income is fully tax free beginning in 2022, according to a governor’s press release.
South Carolina: Military retirement income is fully tax free beginning in 2022, according to a state government press release.
Vermont: Beginning in 2022, up to $10,000 in retirement income is tax free for those with a gross income less than $50,000 for single filers or $65,000 for joint filers, according to a state legislature press release.
Virginia: In 2022, up to $10,000 in retirement pay is tax free for retirees 55 and older. That amount increases by $10,000 each year until 2025, when up to $40,000 is deductible, according to a state assembly press release.
6 More States Stop Taxing Military Retirement
Posted from military.com
Taxes
Money
Retirement
Edited 3 y ago
Posted 3 y ago
Responses: 5
6
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Lt Col Charlie Brown
Many states don't. I am glad Virginia has finally at least gotten on the bandwagon to some degree
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Massachusetts is a state that doesn't tax Military Retirement pay, too bad the Federal Government does.
(5)
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Maj Robert Thornton
Agreed SMSgt Lawrence McCarter. The US government should stop taxing Military retired pay and social security.
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SPC Gary C.
Maj Robert Thornton - They should take social security out of the general fund again, and pay back everything that was taken out of it.
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Not bad if you live in a state that doesn't tax your military retirement (with the addition of Oklahoma, Rhode Island and South Carolina, that brings that list to 29 states). Of the rest, all but two offer some type of military retirement pay exemption.
:( - "This leaves only California and the District of Columbia fully taxing military retirement income" ... gotta get their pound of fle... err.. cash somehow.
:( - "This leaves only California and the District of Columbia fully taxing military retirement income" ... gotta get their pound of fle... err.. cash somehow.
(4)
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