MayaD
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Retirement tax questions

For Pension and Annuity Income:

The law fully exempts qualifying pension and annuity income (including 401(k), 403(b), or 457(b) plans) from income tax for taxpayers with federal AGI $100,000 for married people filing jointly. Pension and annuity income is fully taxable for taxpayers with AGIs equal to or greater than the threshold through the 2023 tax year.

 

For Social Security Income :

 Taxpayers with AGIs equal to or greater than the threshold ($100000 for Married Filing Jointly) qualify for a partial exemption through which no more than 25% of their total Social Security benefits received is subject to tax.

 

For more information, check: Income Tax Exemptions for Retirement Income

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