Posted on January 10, 2019 by admin
|With tax season quickly approaching, I wanted to make sure you were aware of some pertinent information to ensure that seniors in Connecticut receive all of the tax relief to which they are entitled.
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 DeductionEffective 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 DeductionsEffective 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.For more information visit: https://www.ct.gov/opm/cwp/view.asp?a=2985&q=383136.Please share this information with those who may benefit!As always, if you would like to connect with me, please call: 1(800) 842-1423 or email: Dave.Yaccarino@housegop.ct.gov for more information.Sincerely,Follow my legislative activity and sign up to receive my newsletter at: www.RepYaccarino.com