That is correct. Maine Pension income deduction >> Benefits received under a military retirement plan, including survivor benefits, are fully exempt from Maine income tax. In addition, a taxpayer and spouse may each deduct up to $48,216 of other eligible pension income that is included in federal AGI. The $48,216 cap must be reduced by any Social Security and railroad retirement benefits received, whether taxable or not.
– Deductible pension income includes all federally taxable pension income, annuity income and individual retirement account distributions, excluding Maine PERS pick-up contributions for which a deduction is allowed and income from 457(b) plans received prior to age 55 that is not part of equal periodic payments over the life of the recipient and designated beneficiary.
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