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West Virginia Retirement Income

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West Virginia Retirement Income

Answer

Subtractions reducing the federal taxable income:

 

Certain West Virginia employee retirement benefits.

The first $2,000 of annuities, retirement allowances, returns of contributions and any other benefit, including survivorship benefits, received under the West Virginia Public Employees Retirement System, and the West Virginia State Teachers Retirement System, including any survivorship annuities derived therefrom, to the extent includable in gross income for federal income tax purposes. W. Va. Code § 11-21-15(c)(5).

Certain Federal government retirement benefits.

The first $2,000 of benefits received under any federal retirement system to which 4 U.S.C. §111 applies. W. Va. Code § 11-21-12(c)(5).

Certain West Virginia municipal police and firemen retiree benefits.

Retirement income received in the form of pensions and annuities under any West Virginia municipal police retirement system, West Virginia municipal firemen's retirement system or the West Virginia State Police Death, Disability and Retirement Fund, the West Virginia State Police Retirement System or the West Virginia Deputy Sheriff Retirement System, including any survivorship annuities derived from any of these programs, to the extent includable in gross income for federal income tax purposes. W. Va. Code § 11-21-12(c)(6).

In general, West Virginia municipal police and firemen participate in the West Virginia Public Employees Retirement System and their retirement benefits are treated under paragraph (5), above.

Prior to creation of the West Virginia Public Employees Retirement System in 1961, a number of West Virginia municipalities created pension plans for policemen and firemen employee by the municipality. Retirees from these separate retirement plans are eligible for the decreasing modification discussed in paragraph (5) of this part.

Military retirement benefits.

For taxable years beginning after December 31, 2000, the first $20,000 of military retirement income, including retirement income from the regular Armed Forces, Reserves and National Guard paid by the United States or by this state after December 31, 2002, including any survivorship annuities, to the extent included in gross income for federal income tax purposes for the taxable year.

For taxable years beginning after December 31, 2017, military retirement income, including retirement income from the regular Armed Forces, Reserves and National Guard paid by the United States or by this state after December 31, 2017, including any survivorship annuities is an allowable decreasing modification, to the extent the retirement benefits are included in federal adjusted gross income for the taxable year. W. Va. Code § 11-21-12(c)(7).


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Views: 1322 Created on: Jun 15, 2013
Date updated: Jan 08, 2019
Posted in: States, West Virginia

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