I took a $67,000 distribution from my IRA. My wife and I are both retired. In KY you each get a $31,110 exclusion from taxes for retirement income. For a total of $62,220. TurboTax is only allowing one. Why
It depends. If each of you took distributions, then you each get up to 31,110 exempted from the distribution for taxable pay. However, if only one of you took the distribution, then you only get one exemption of $31,110. It's how Kentucky has written the law.
Kentucky has a similar procedure when it comes to the standard deduction. If a couple files a joint return, they get one standard deduction of $2530. However, if each has income, they can file separately on a combined return to get $5060 of deduction ($2530 for each spouse). If it's possible for the distributions to be split between you as a couple, then you can get an exemption for the income, but if not, only $31110 will be exempt instead of $62220
It depends. If each of you took distributions, then you each get up to 31,110 exempted from the distribution for taxable pay. However, if only one of you took the distribution, then you only get one exemption of $31,110. It's how Kentucky has written the law.
Kentucky has a similar procedure when it comes to the standard deduction. If a couple files a joint return, they get one standard deduction of $2530. However, if each has income, they can file separately on a combined return to get $5060 of deduction ($2530 for each spouse). If it's possible for the distributions to be split between you as a couple, then you can get an exemption for the income, but if not, only $31110 will be exempt instead of $62220