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#2094526 - 02/12/24 11:40 AM
MILITARY RETIREES USING TURBOTAX FOR 2023
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P3Bill
VETERAN PEASHOOTER
Registered: 12/21/10
Posts: 1802
Loc: Wilderness
City or County: Orange County
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Just a heads up guys. When porting over your Federal AGI to state form 760, Turbo tax does not automatically deduct this years 20K deduction for your military retirement when computing your Virginia taxable income. You must open line 7 of Form 760 - SUBTRACTIONS and use the worksheet titled OTHER SUBTRACTIONS STATEMENT and scroll down to MILITARY SUBTRACTION SMART WORKSHEET
Edited by P3Bill (02/13/24 09:20 AM)
Edit Reason: clarification
_________________________
"Guns are a lot like parachutes ~ If you need one and don't have one, you'll probably never need one again"
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#2185972 - 12/17/24 11:31 AM
Re: MILITARY RETIREES USING TURBOTAX FOR 2024
[Re: P3Bill]
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P3Bill
VETERAN PEASHOOTER
Registered: 12/21/10
Posts: 1802
Loc: Wilderness
City or County: Orange County
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Remember when filing your 2024 Virginia State income taxes: 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: $30,000 of eligible military benefits on your tax year2024 return; and $40,000 of eligible military benefits on your tax year 2025 and later returns. https://www.tax.virginia.gov/military-benefits-faq
Edited by P3Bill (12/17/24 11:32 AM)
_________________________
"Guns are a lot like parachutes ~ If you need one and don't have one, you'll probably never need one again"
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