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Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
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Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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Are there any exemptions for Virginia senior citizens ...

Customer Question

Are there any exemptions for Virginia senior citizens on the state income tax
Submitted: 7 years ago.
Category: Tax
Expert:  Ed Johnson replied 7 years ago.

Dear XXXXX,

There is, depending on your sources of income an 800 dollar exemption plus a 12,000 dollar dedution.

Please find the summary of Virginia income taxes here:

Personal Income Taxes
Tax Rate Range: Low - 2.0%; High - 5.75%
Income Brackets: Lowest - $3,000; Highest - $17,000
Number of Brackets: 4
Personal Exemptions: Single - $900; Married - $1,800; Dependents - $900; Age 65 and over: $800
Standard Deduction: Single - $3,000; Married filing jointly - $5,000
Medical/Dental Deduction: Partial
Federal Income Tax Deduction: None
Retirement Income Taxes: Taxpayers age 65 and older are eligible for a deduction of $12,000, subject to the following income limitations. The deduction of $12,000 will be reduced by one dollar for each dollar that their Adjusted Federal Adjusted Gross Income exceeds the following thresholds: single - $50,000, married - $75,000 (total for both), married filing separately - $75,000 (total for both). "Adjusted federal adjusted gross income" means the federal adjusted gross income reduced by the taxable Social Security and Tier 1 Railroad Retirement benefits reported as a Virginia subtraction. Virginia law exempts Social Security and Tier 1 Railroad Retirement benefits fro taxation. If you are required to include any of your benefits in federal adjusted gross income, subtract that amount on your Virginia return. Pension income received while you are a Virginia resident is taxable by Virginia, even though it may have been received from another state. However, federal legislation enacted January 1, 1996 prohibits any state from taxing pension payments made to a resident of another state. Even though your pension from another state is taxable in Virginia, it should not be taxed by the other state. Virginia residents are subject to tax on their entire incomes, including federal annuities and military pensions. To the extent that these payments are reported in federal adjusted gross income, they are also subject to Virginia income tax.
Retired Military Pay: Follows federal tax rules. Military retirement income received by those awarded the Medal of Honor can be subtracted from federal gross income for tax purposes.
Military Disability Retired Pay:
Disability Portion - Length of Service Pay; Member on September 24, 1975 - No tax; Not Member on September 24, 1975 - Taxed, unless combat incurred. Retired Pay - Based solely on disability: Member on September 24, 1975 - No tax; Not Member on September 24, 1975 - Taxed, unless all pay based on disability and disability resulted from armed conflict, extra-hazardous service, simulated war, or an instrumentality of war.
VA Disability Dependency and Indemnity Compensation: Not subject to federal or state taxes
Military SBP/SSBP/RCSBP/RSFPP: Generally subject to state taxes for those states with income tax. Check with state department of revenue office.

Also you may want to visit this web site to see what ALL the tax benefits are retirees in the state of VA:

http://www.retirementliving.com/RLstate3.html#VIRGINIA

 

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