Yes. Taxpayers can subtract part of the income they received from a pension or annuity if the taxpayer’s federal AGI is less than:
- $75,000 for single filers, married taxpayers filing separately, and heads of households; and
- $100,000 for married taxpayers filing jointly. ( Sec. 12-701(a)(20)(B)(xxi), G.S.)
The subtraction amount is:
- 14% of pension or annuity income included in federal AGI for the 2019 tax year;
- 28% of the income included in federal AGI for the 2020 tax year;
- 42% of the income included in federal AGI for the 2021 tax year;
- 100% of the income included in federal AGI for tax years beginning after 2021. ( Sec. 12-701(a)(20)(B)(xxi), G.S.)
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