• Does not tax Social Security benefits or railroad retirement income.
• Allows special deductions for retirees and senior adults. Beginning the first year you receive qualified retirement income and until you reach age 65, you can take an annual deduction from your qualified retirement income of up to $3,000. You can claim this deduction for income received from any qualified retirement plan, including IRAs, government pension plans, Keogh plans and private sector pensions.
• At age 65, the deduction increases to a maximum of $15,000 on any source of income. Each spouse receiving income from a qualified retirement plan may claim the retirement deduction.
**For informational purposes only.**
**Please verify any/all tax information with appropriate authorities for validity.**