topic oregon tax retirement income credit - household income does my military retirement income get intered on the veterans and military benifits line in Tax help for military filers

oregon tax retirement income credit - household income does my military retirement income get intered on the veterans and military benifits line

rwthrasher — Wed, 05 Feb 2020 20:41:43 GMT

Re: oregon tax retirement income credit - household income does my military retirement income get...

DaveF1006 — Wed, 05 Feb 2020 22:24:13 GMT

Yes for the Retirement Income Credit you must include all income sources, taxable or not.

Household income generally includes all income (both taxable and nontaxable) each spouse received during the year. Household income includes gross income reduced by adjustments as reported in your federal AGI thus that income should be included in the "Veterans and Military Benefits" section.

Re: oregon tax retirement income credit - household income does my military retirement income get intered on the veterans and military benifits line

klongie — Sat, 15 Feb 2020 22:08:05 GMT

I did enter the amount of my Military retirement sum, but "Based on the information provided, you are not eligible for the Retirement Income Credit." What are the criteria that disallowed this?

Re: oregon tax retirement income credit - household income does my military retirement income get...

MaryK4 — Sat, 15 Feb 2020 22:14:55 GMT

Household income generally includes most types of income, both taxable and nontaxable, that each spouse receives during the year. This includes such things as veteran’s benefits and disability pay, but it doesn’t include Social Security or Tier 1 Railroad Retirement Board benefits.

@klongie

Re: oregon tax retirement income credit - household income does my military retirement income get intered on the veterans and military benifits line

bud323 — Thu, 20 Feb 2020 06:23:26 GMT

I have the same question. What is the reason for disallowing Veterans retirement credit?

Re: oregon tax retirement income credit - household income does my military retirement income get...

DaveF1006 — Thu, 20 Feb 2020 22:26:54 GMT

Here are the requirements to qualify for the Oregon income Retirement Credit of which Veterans and Military Benefits are a part of.

You were age 62 or older on December 31, 2019, and receiving retirement income, and
Your household income is less than $22,500 ($45,000 if Married Filing Jointly), and
Your Social Security benefits and/or tier 1 Railroad Retirement Board benefits are less than $7,500 ($15,000 if Married Filing Jointly), and
Your household income plus your Social Security and/or tier 1 Railroad Retirement Board benefits is less than $22,500 ($45,000 if Married Filing Jointly).

MILITARY RETIREMENT

Lpinn2 — Wed, 06 May 2020 19:42:47 GMT

Greetings - I served active duty (AD) from 1/1971 to 2/92 (241 months). None of that AD was served in Oregon. I plan on moving to Oregon but concern w their taxes on such benefits. Does all, part or none of that federal benefit get taxed in Oregon? And Why please? Thank you.

Re: oregon tax retirement income credit - household income does my military retirement income get intered on the veterans and military benifits line

SophiaMundis — Sun, 14 Mar 2021 02:11:11 GMT

Why does my military retirement credit get taxed?

Re: oregon tax retirement income credit - household income does my military retirement income get...

ReneeM7122 — Mon, 15 Mar 2021 23:07:03 GMT

If you or your spouse got nontaxable pay as a member of the Armed Forces, you don’t have to include it as earned income on your federal taxes. According to the IRS, If you and your spouse do choose to include your nontaxable pay as earned income for the EITC, you may owe less tax and get a larger refund. The person who includes your nontaxable pay as earned income must include all of it.

The message you saw is TurboTax trying to help you get the best tax advantage. Here's what to do:

Type in the term earned income credit in the Search tool.
Click on the Jump to link in the list.

Revisit the Earned Income Credit questions. Change your answer to No for "Do you want to include nontaxable combat pay?"

More information about Excludable Income

You can exclude the following income related to military compensation:

Basic Pay – All for every month you are present in a combat zone.
Reenlistment or Continuation Bonuses – You can exclude this income if the reenlistment or the execution of the contractual agreement for continued service occurred while present in a combat zone.
School Loan Repayments – You can exclude part of the repayment associated with the months you were present in a combat zone. For example, if a year is required to earn the repayment and you serve six of those months in a combat zone, you can exclude half of the repayment income.
Imminent Danger/Hostile Fire Pay – You can exclude all of this income.
Leave Benefits – You can exclude income from selling accrued leave earned while in a combat zone.
Awards and other Financial Incentives – You can exclude associated income for submissions made while in a combat zone.

@SophiaMundis