According to the Comptroller of MD website, for calendar year 2021, the maximum pension exclusion is $34,300. This subtraction applies only if:
- You were 65 or older or totally disabled, or your spouse was totally disabled, on the last day of the tax year; and
- You included on your federal return income received as a pension, annuity or endowment from an "employee retirement system." Please note that these include qualified defined benefit and defined contribution pension plans, 401(a) plans, 401(k) plans, 403(b) plans, and 457(b) plans.
- A traditional IRA, a Roth IRA, a simplified employee plan (SEP), a Keogh Plan or an ineligible deferred compensation plan does not qualify.
If you satisfy the above conditions, have you completed your entire MD return in TurboTax? In other words, have you gone through all the pages and entered all your income. TurboTax will not likely calculate your exclusion until you have completed the income section in full. Additionally, if your total Social Security and/or Railroad Retirement income is greater than the Maximum Pension Exclusion amount of $ 34,300, the pension exclusion will be zero (0).
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