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PSA: Military Retirees in Virginia

WorldWatcher

WorldWatcher

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Military Benefits Subtraction FAQ | Virginia Tax

Virginia’s Military Benefits Subtraction (Military Retirement Subtraction)
www.tax.virginia.gov www.tax.virginia.gov

As a PSA (Public Service Announcement)...

If you are, or know a Miltary Retiree age 55 or older living in Virginia. Please pass this along. We just found out about it, claimed the exclusion for tax year 2023 and will be filing an amended Virginia return for tax year 2022 and should get a few bucks back.

Virginia passed a law a few years ago allowing for exclusion of Military Retiree Pay for those 55 or over.
  • In 2022 it was $10K,
  • In 2023 it was $20K,
  • In 2024 it will be $30K,
  • In 2025 it will be $40K (which is where it will cap)
WW
 
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