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Income Tax Exemption for Teachers’ Pensions

Article ID: 100743 Print
Question
Connecticut Income Tax Exemption for Teachers’ Pensions

Answer

For the taxable year 2019, a taxpayer is allowed a subtraction modification of 25% of the income received from the Teachers’ Retirement System when calculating Connecticut Adjusted Gross Income (AGI). This modification applies only to the extent that such income has been properly included in federal AGI for the taxable year.

Underpayment Interest: Prior to June 26, 2019, the subtraction modification for income received from the Teachers’ Retirement System was scheduled to increase to 50%. On June 26, 2019, the scheduled increase was postponed to taxable year 2021. However, you will not be charged underpayment (2210) interest for the underpayment of estimated tax due April 15, 2019, and June 15, 2019, if in calculating your estimated payments for the first two quarters of 2019, you relied on the 50% scheduled increase.


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Article Details
Views: 59 Created on: Dec 17, 2019
Date updated: Dec 17, 2019
Posted in: States, Connecticut

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