topic How do I offset non taxable pensions on tax return? in Retirement tax questions

How do I offset non taxable pensions on tax return?

tnbelle1 — Wed, 15 Jul 2020 04:18:43 GMT

In Tennessee pensions aren’t taxed how do I offset this in tax return?

Re: How do I offset non taxable pensions on tax return?

SteamTrain — Sat, 01 Aug 2020 18:59:47 GMT

Not sure you can.

It isn't a part of the actual TN Hall tax,

....but as far as I can see, it is included in your gross income to see if you qualify to be exempt from the Hall tax in the first place.

_____________________________________________

" Age 65 or Older with Limited Income

Any person 65 years of age or older having a total annual income below specific limits is completely exempt from the tax. Total annual income means income from any and all sources, including social security. All income should be included, regardless of whether it is taxable for federal purposes. The income also should not be adjusted for any losses."

for years 2015 and later, limits are $37,000 if single, or $68,000 if MFJ

https://www.tn.gov/revenue/taxes/hall-income-tax/exemptions-and-deductions.html

Re: How do I offset non taxable pensions on tax return?

xmasbaby0 — Sat, 01 Aug 2020 19:41:06 GMT

You may be confused between your retirement income begin taxable by the state and being taxable on your federal return. Your retirement income is taxable on your federal return no matter what state you live in.