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F
fremington
January 25, 2023
Question

Virginia recently updated its taxes for retired military over 55 to phase in an up to $40,000 a year tax exemption. Is this reflected in the 2022 Turbo Tax products?

  • January 25, 2023
  • 1 reply
  • 0 views
The phase-in was to start in 2022 up until 2025. I can't tell if the change is included in the TT version I'm using to file. Thanks

1 reply

T
ThomasM125
January 25, 2023

Yes, the maximum exclusion is $10,000 for 2022 and it increases each year until 2025 when the maximum exclusion will be $40,000. You will see this screen when you work through the Virginia state program in all 2022 TurboTax programs:

 

 

 

 

Choose the Military Benefits Subtraction option to enter your qualifying benefits.

 

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