If you are 65 or older or totally disabled (or your spouse is totally disabled), you may qualify for Maryland's maximum pension exclusion of $34,300 under the conditions described in Instruction 13 of the Maryland resident tax booklet.
If you're eligible, you may be able to subtract some of your taxable pension and retirement annuity income from your federal adjusted gross income.
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." 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.
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