Virginia recently updated its taxes for retired military over 55 to phase in an up to $40,000 a year tax exemption. Is this reflected in the 2022 Turbo Tax products?

The phase-in was to start in 2022 up until 2025. I can't tell if the change is included in the TT version I'm using to file. Thanks

280

Expert Alumni

Jan 25, 2023 3:45:24 PM

Yes, the maximum exclusion is $10,000 for 2022 and it increases each year until 2025 when the maximum exclusion will be $40,000. You will see this screen when you work through the Virginia state program in all 2022 TurboTax programs:

Choose the Military Benefits Subtraction option to enter your qualifying benefits.

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Virginia recently updated its taxes for retired military over 55 to phase in an up to $40,000 a year tax exemption. Is this reflected in the 2022 Turbo Tax products?