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  • OT- Plasant surprise! Taxes on Military retirees

    From Carol@21:1/5 to All on Sun Feb 16 20:57:54 2025
    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

    --- SoupGate-Win32 v1.05
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  • From Ed P@21:1/5 to Carol on Sun Feb 16 16:22:51 2025
    On 2/16/2025 3:57 PM, Carol wrote:
    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.

    --- SoupGate-Win32 v1.05
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  • From D@21:1/5 to Carol on Mon Feb 17 13:48:34 2025
    On Sun, 16 Feb 2025, Carol wrote:

    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? =)

    --- SoupGate-Win32 v1.05
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  • From D@21:1/5 to Ed P on Mon Feb 17 13:50:34 2025
    On Sun, 16 Feb 2025, Ed P wrote:

    On 2/16/2025 3:57 PM, Carol wrote:
    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.

    --- SoupGate-Win32 v1.05
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  • From Carol@21:1/5 to Ed P on Wed Feb 19 20:34:17 2025
    Ed P wrote:

    On 2/16/2025 3:57 PM, Carol wrote:
    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.

    --- SoupGate-Win32 v1.05
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  • From D@21:1/5 to Carol on Wed Feb 19 23:12:55 2025
    On Wed, 19 Feb 2025, Carol wrote:

    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'!

    --- SoupGate-Win32 v1.05
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