How do I deduct the $10,000 military retirement exemption for the state of Oklahoma? I've looked at 511-A, but the 19,868.58 that is the total amount earned from my military retirement, minus 10,000 should be 9,868.58. The amount shown is 14,902.
The amount in 511-A is your exclusion, not the taxable amount.You are entitled to a larger military retirement exclusion of $14902. Here's how your exclusion is figured:
The military retirement has special handling in determining the exclusion amount. If the military retirement amount is under $10,000, the exclusion amount is limited to the amount in the federal adjusted gross income. If the military retirement amount is over $10,000 but not over $13,333, the exclusion amount is limited to $10,000. If the military retirement amount is over $13,333, then the exclusion amount is 75% of the military retirement amount.
$19868.58 x 75% = $14902.
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