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Old 01-28-2015, 07:01 PM
 
Location: West coast of US
46 posts, read 73,488 times
Reputation: 208

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After I moved to Oregon to my great surprise I found out that Oregon has an income tax exclusion for pension income attributable to federal government service performed before October 1991.
As a civil service retiree this was a nice surprise.
The first tax service I went to was unfamiliar with this and he said, "Sorry to say you're going to owe quite a lot to the State". Well, something seemed wrong with that to me so I went to another tax person and he laughed, and redid my taxes and I GOT A REFUND instead.

Retiring here for anyone who retired from the military or US government is a really nice benefit.
And no sales taxes, too. Oregon also has many other benefits including partial property tax exemptions through the Disabled Veteran or Surviving Spouse exemption, or the Active Military Service Member’s exemptions. If you are a disabled veteran or the surviving spouse of a war veteran, you may be entitled to exempt $15,450 or $18,540 of your homestead property's assessed value from property taxes.

Other benefits include:
Oregon Hunting and Fishing Licenses
A free lifetime Oregon hunting and angling license to service-connected disabled veterans rated 25% or more. Disabled veterans are also eligible for an Oregon Elk tag at a reduced cost. Active members of the armed forces or veterans who retired from the Armed Forces within 12 months of the date of application, may apply to the Oregon Military Department for reimbursement for the cost of a resident annual hunting and angling license.

Oregon State Park Use Permits
Service-connected disabled Veterans and active duty military personnel on leave have free day-use parking and free overnight rental of RV and tent campsites for up to five consecutive days and no more than 10 days total in a calendar month.

Oregon Veteran License Plates
Veterans may purchase a license plate set displaying the word VETERAN for a $10 surcharge in addition to normal fees from a local Oregon Division of Motor Vehicles office. The $10 surcharge goes to the support of the Oregon Veterans' Home. Proof of honorable military service is required. Former POWs, members of the active Oregon National Guard and certain veteran service organization names are available on license plates.

Please post any tax breaks you know of for seniors in this thread.
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Old 01-29-2015, 01:14 PM
 
Location: Forests of Maine
37,229 posts, read 60,954,873 times
Reputation: 30108
I am a retired US Servicemember. My pension is fully taxable. However on a 1040 after you subtract the Standard Deduction and the Personal Exemption, I have nothing left to be taxed. So while my pension is fully taxable, it is not taxed.

Now the governor of Maine is pushing a bunch of things to change how income taxes work in Maine. [Apparently at a governor's conference he went to there is a group of 19 governors who all want to do the same thing in each of their states] He wants to make military pensions exempt from taxes in this state, and he wants to lower all income taxes gradually to taper them down to zero over a period of a few years.

I am not sure what difference it makes really. A pension that is not taxed, as compared to a pension that is exempt from tax. But he is the governor so he must think it makes some difference.

Here we have veteran plates for no extra charge. Combat Veterans have a miniature of their combat medal on the license plate for an extra $2. Sadly only one combat medal can go on a license plate. I have the Kosovo Campaign Medal on my license plates.
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Old 01-29-2015, 05:16 PM
 
33,016 posts, read 27,309,685 times
Reputation: 9074
Quote:
Originally Posted by Submariner View Post
I am a retired US Servicemember. My pension is fully taxable. However on a 1040 after you subtract the Standard Deduction and the Personal Exemption, I have nothing left to be taxed. So while my pension is fully taxable, it is not taxed.

Now the governor of Maine is pushing a bunch of things to change how income taxes work in Maine. [Apparently at a governor's conference he went to there is a group of 19 governors who all want to do the same thing in each of their states] He wants to make military pensions exempt from taxes in this state, and he wants to lower all income taxes gradually to taper them down to zero over a period of a few years.

I am not sure what difference it makes really. A pension that is not taxed, as compared to a pension that is exempt from tax. But he is the governor so he must think it makes some difference.

Here we have veteran plates for no extra charge. Combat Veterans have a miniature of their combat medal on the license plate for an extra $2. Sadly only one combat medal can go on a license plate. I have the Kosovo Campaign Medal on my license plates.

I wish I knew which states those are; poor people should leave now because there's a tax increase in store for them.
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Old 01-29-2015, 07:27 PM
 
Location: Maryland
282 posts, read 380,456 times
Reputation: 338
From the Oregon state info ORS 316.680(1)(f):

  • If all of your months of federal service occurred or points were earned before October 1, 1991, subtract 100 percent of the taxable federal pension income you reported on your federal return.
  • If you have no months of service or points earned before October 1, 1991, you cannot subtract any federal pension.
  • If your service occurred or points were earned both before and after October 1, 1991, you will subtract a percentage of the taxable federal pension income you reported on your federal return.

Ten states (Alabama, Hawaii, Illinois, Kansas, Louisiana,Massachusetts, Michigan, Mississippi, New York and Pennsylvania) excludefederal, military and in-state government pensions from taxation. Kansas willtax public pensions from outside the state. Pennsylvania and Mississippi exemptall retirement income from taxation. North Carolina doesn’t tax federalpensions vested 5 years prior to Aug 12, 1989.
Seven states (Alaska, Florida, Nevada, South Dakota, Texas,Washington and Wyoming) do not have a state income tax, which means yourpension won’t be taxed. New Hampshire and Tennessee tax only your dividend andinterest income above certain limits. This means your pension income would alsobe state tax free in those states.
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