OT- Plasant surprise! Taxes on Military retirees

[Carol]

Well, nice surprise! It may have been in effect last year but I didn't
hear about it? In 2024 taxes on Virginia military retirees, we get to
omit the first 30,000 of retirement per military retirement in a family
filing jointly. Don't retiree income is below that so we got to deduct
my 30,000 plus his amount.

Looks like it was retro-active to first 20,000 in 2023 (or in effect
but not well known?). That means amended state tax return for 2023 but
lets let the dust settle on this one.

https://www.tax.virginia.gov/military-benefits-faq

[Ed P]

Post by Carol
Well, nice surprise! It may have been in effect last year but I didn't
hear about it? In 2024 taxes on Virginia military retirees, we get to
omit the first 30,000 of retirement per military retirement in a family
filing jointly. Don't retiree income is below that so we got to deduct
my 30,000 plus his amount.
Looks like it was retro-active to first 20,000 in 2023 (or in effect
but not well known?). That means amended state tax return for 2023 but
lets let the dust settle on this one.
https://www.tax.virginia.gov/military-benefits-faq

Nice deal. FL is even better. No tax on any income.

It was fun when I lived in CT and worked in MA as both wanted a cut.

[D]

Post by Ed P

Post by Carol
Well, nice surprise! It may have been in effect last year but I didn't
hear about it? In 2024 taxes on Virginia military retirees, we get to
omit the first 30,000 of retirement per military retirement in a family
filing jointly. Don't retiree income is below that so we got to deduct
my 30,000 plus his amount.
Looks like it was retro-active to first 20,000 in 2023 (or in effect
but not well known?). That means amended state tax return for 2023 but
lets let the dust settle on this one.
https://www.tax.virginia.gov/military-benefits-faq

Nice deal. FL is even better. No tax on any income.
It was fun when I lived in CT and worked in MA as both wanted a cut.

There are no double taxation agreements? The US takes a cut of my
dividends in US companies, but thanks to a double taxation agreement, the
home jurisdiction of my company gets no cut, since that would raise the
tax above the maximum of 15% for dividends.

My swedish broker deducts no dividend tax at the source. They should do
it, so it is a mistake from their side. Instead my home jurisdiction
deducts 15% so on the balance, no difference for me.

I find it funny that the systems and laws are so complex that my broker
cannot follow them correctly.

[Carol]

Post by Ed P

Post by Carol
Well, nice surprise! It may have been in effect last year but I
didn't hear about it? In 2024 taxes on Virginia military retirees,
we get to omit the first 30,000 of retirement per military
retirement in a family filing jointly. Don't retiree income is
below that so we got to deduct my 30,000 plus his amount.
Looks like it was retro-active to first 20,000 in 2023 (or in effect
but not well known?). That means amended state tax return for 2023
but lets let the dust settle on this one.
https://www.tax.virginia.gov/military-benefits-faq

Nice deal. FL is even better. No tax on any income.
It was fun when I lived in CT and worked in MA as both wanted a cut.

That was me all my career. SC wanted my tax money and got it.

California wanted it too but didn't get anyplace. California tried to
change the federal laws that state military do not change of state of
residence for taxation purposes if just stationed there. What they
'wanted' was to force all military to California residence knowing we'd
not be able to easily change it back after leaving. It messes with a
host of things including initial enlistment contract on 'home of
record' benefits.

Apparently in closed doors there was a hell of a catfight back from all
the other states and California limped away bloodied.

Anyways tracked it down. i have to file amended VA state tax for 2022
and 2023. I was going to go later this week but now 'snomageddon' is
headed in with 6-10 inches hitting from Wed afternoon to 11am or so
Thursday. I know that's not much snow compared to more Northerly
critters, but our gear is minimal as I've mentioned. May be Sunday
before enough meltoff to get out.

[D]

California wanted it too but didn't get anyplace. California...

...knows how to party
California knows how to party
In the city of L.A
In the city of good ol' Watts
In the city, the city of Compton
We keep it rockin', we keep it rockin'!

[D]

Post by Carol
Well, nice surprise! It may have been in effect last year but I didn't
hear about it? In 2024 taxes on Virginia military retirees, we get to
omit the first 30,000 of retirement per military retirement in a family
filing jointly. Don't retiree income is below that so we got to deduct
my 30,000 plus his amount.
Looks like it was retro-active to first 20,000 in 2023 (or in effect
but not well known?). That means amended state tax return for 2023 but
lets let the dust settle on this one.
https://www.tax.virginia.gov/military-benefits-faq

Excellent! You are rich now Carol! What will you do with your new found
wealth? Maybe a visit to Hawaii? =)