Posted on January 11, 2019 by admin
Dear friends and neighbors,
With tax season quickly approaching, I wanted to make sure you were aware of some pertinent tax relief benefits available to Connecticut seniors.
Last session, I joined my colleagues in the legislature in passing a budget that provided tax relief for seniors. Namely, we passed two provisions, one of which eliminated the income tax on Social Security and the other phases out the income tax on pensions.
Social Security Income Tax Deduction
Effective for tax years beginning after 2019, individual taxpayers may deduct 100 percent of Social Security income, if federal adjusted gross income (AGI) is less than:
Furthermore, taxpayers with incomes equal to or greater than the thresholds qualify for a 75 percent deduction. The income thresholds are increased from $50,000 and $60,000, respectively.
Retirement Income Tax Deductions
Effective beginning with the 2019 tax year, individual taxpayers may deduct a portion of retirement income that is included in federal gross income, if federal AGI is below:
The deduction is equal to:
Under current law, military and railroad retirement that is included in federal gross income is fully deductible.
As always, please contact me with questions at (800) 842-1423 or Fred.Camillo@housegop.ct.gov.
Regards,
Fred