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How is a Virginia Teachers Pension taxed in NC

 
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4 Replies

How is a Virginia Teachers Pension taxed in NC

I know it is taxed.  How specifically?  i.e.  Is it the same as any other income?  Is there a credit of any kind?  After surfing the web, one site said that there was a 4000/8000 credit (?)
IsabellaG
Employee Tax Expert

How is a Virginia Teachers Pension taxed in NC

The same as any other income.
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How is a Virginia Teachers Pension taxed in NC

The 4000/8000 deduction for teachers pensions earned in other states was eliminated several years ago...so what you've been reading about that isn't available for NC residents any more.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
IsabellaG
Employee Tax Expert

How is a Virginia Teachers Pension taxed in NC

The North Carolina exclusion of  retirement income from government agencies in NC and the Federal government does not apply to retirement benefits paid to former teachers and state employees of other states and their political subdivisions. So a Virginia Teacher's pension is taxable in NC.

See this link to the NC discussion of the Bailey Decision .

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