NC taxes: what is an excludable retirement plan?

decostanzo — Sat, 01 Jun 2019 15:06:31 GMT

I was GA resident for 8 months in 2018, NC resident for 4 months. My state pension comes from GA. Is any of it subject to NC state tax?

Yes, your pension is taxable by your resident state regar...

AnnetteB — Sat, 01 Jun 2019 15:06:33 GMT

Yes, your pension is taxable by your resident state regardless of where the pension originates (unless specifically excluded from income by that resident state). So, for the 4 months that you were a NC resident, the pension that you received during that time will be considered to be taxable income for your NC return.

NC does have some retirement plan exclusions that are available (the Bailey exclusion), but it applies only to certain Federal or NC retirement plans. Your GA state pension would not qualify.

To read more about what retirement plans are excluded from income in NC, use the following link and see page 17:

NC Individual Income Tax Instructions

[edited 3/15/19 | 8:51 am PST]

answer edited

AnnetteB — Sat, 01 Jun 2019 15:06:34 GMT

answer edited

topic answer edited in Retirement tax questions

NC taxes: what is an excludable retirement plan?

Yes, your pension is taxable by your resident state regar...

answer edited