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Solved

Pension exclusion for Delaware

Forum|Forum|2 years ago
November 21, 2023
2 replies
0 views

My husband and I are both over 60. He has a pension over $12,500 and and gets the pension exclusion for Delaware. I do not have a pension. If I do an IRA withdrawal of at least 12,500 from my IRA, do I get the Delaware $12,500 exclusion, too?

Best answer by TomD8

Yes, IRA distributions do qualify for the DE exclusion, as long as you are age 60 or over.

"Eligible retirement income includes dividends, interest, capital gains, net rental income from real property and qualified retirement plans (IRS Sec. 4974), such as IRA, 401 (K), and Keough plans, and government deferred compensation plans (IRS Sec. 457)."

https://revenue.delaware.gov/frequently-asked-questions/personal-income-tax-faqs/

Employee

I will page @dmertz, but you might have to contact Support.

How do I contact TurboTax? (intuit.com)

TomD8Answer

Employee

Yes, IRA distributions do qualify for the DE exclusion, as long as you are age 60 or over.

"Eligible retirement income includes dividends, interest, capital gains, net rental income from real property and qualified retirement plans (IRS Sec. 4974), such as IRA, 401 (K), and Keough plans, and government deferred compensation plans (IRS Sec. 457)."

https://revenue.delaware.gov/frequently-asked-questions/personal-income-tax-faqs/

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

smbagshawAuthor

Thank you for the quick and complete explanation!