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Level 3
posted Apr 13, 2024 7:02:17 PM

MD pension exclusion, does mine qualify?

As a retired librarian in Montgomery Co. MD,  I receive a pension from the state and a supplemental pension from the county.  I'm 65, the pensions are defined benefit and all pre-tax (reported on my fed return). Should they qualify for the pension exclusion?

0 1 5201
1 Replies
Employee Tax Expert
Apr 13, 2024 7:22:09 PM

Yes, as long as the pension income is reported on your federal return, it should qualify for the Maryland Pension Exclusion.

 

Keep in mind, the maximum allowable pension exclusion of $36,200 per taxpayer on your Maryland return includes the full amount of your social security benefits.