Military Retirement Pay Income Tax Subtraction
Military Retirement Pay Income Tax Subtraction
Maryland veterans who receive military retirement pay can subtract up to $12,500 per year from their income before calculating state tax.
Details
Maryland veterans who receive military retirement pay can subtract up to $12,500 per year from their income before calculating state tax. Veterans who are at least 55 years old can subtract up to $20,000. The deduction applies to retired pay from any branch of the U.S. Armed Forces, Reserve components, or the Maryland National Guard.
Restrictions
Complete Maryland Form 502, Line 13. The $20,000 subtraction applies if veteran is at least 55 on the last day of the tax year.
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