The deduction for military retirement pay for Virginia state tax can be deducted by following the instructions below:
- Open your Virginia state return.
- Continue through the return until you get to the page, Here's the income that Virginia handles differently.
- Click Start next to Military Benefits Subtraction.
- Enter the information on the following screens accordingly.
The maximum amount of the subtraction is:
-$20,000 for Taxable Year 2023
-$30,000 for Taxable Year 2024
-$40,000 for Taxable Year 2025 and after.
NOTE: If a joint return is filed by two married members of the military both receiving qualifying benefits, each spouse would be able to take advantage of the maximum subtraction amount for his or her qualifying benefits.
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