@TurboTaxBarb ...I'd modify that somewhat.
The last year the 4000,8000 exclusion was applicable was for the 2013 tax years and prior. For 2014 and beyond..that was eliminated. So only the Bailey, RR, and SS exclusions remain (There's also a Faulkenbury settlement that "might" remain, but (in my opinion) there shouldn't be anyone eligible to claim that anymore:
<a rel="nofollow" target="_blank" href="
http://www.dornc.com/incometaxupdates/presentations/retirees.pdf">http://www.dornc.com/incometaxupda...>
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The 4000,8000 exclusion was only for Public Employee and Federal employee retirement benefits, that were not Bailey eligible, for tax years of 2013 and before. There was also a $2000 Retirement income exclusion for the rest of us with pensions from private companies (IBM, AT&T, Ford, Deere...etc) but those exclusions were eliminated for 2014 going forward.
So anyone who missed the exclusions for 2012 and 2013 tax years could amend NC...
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
