State Taxation of Retirees: Retirement Exclusions, Property Tax Exemptions, and Unique Credits

Note: CLE credit is not offered on this program

A live 110-minute CPE webinar with interactive Q&A

This program is included with the Strafford CPE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Thursday, November 10, 2022

1:00pm-2:50pm EST, 10:00am-11:50am PST

Early Registration Discount Deadline, Friday, October 14, 2022

or call 1-800-926-7926

This webinar will highlight the many tax benefits available to seniors in the 50 states for tax practitioners preparing returns for older taxpayers. Our panel of state tax experts will explain retirement exclusions, property tax exemptions, and unique credits offered in specific states for tax practitioners preparing multistate returns.

Description

All 50 states offer some tax benefits to seniors. Many states exempt taxation of retirement income, while others provide a partial exclusion. While California taxes 401(k)s, IRAs, and government and private pensions, Georgia, for example, allows a $35,000 subtraction for taxpayers aged 62-64 and a $65,000 subtraction of retirement income for taxpayers 65 years of age or older.

Twelve states, including California, New York, and Washington, do not tax Social Security benefits. Nevada, Tennessee, and Texas are states with no income tax that would eliminate taxes on retirement income; however, these states often have higher property and other taxes.

In addition to income taxes, all states offer property tax relief for seniors. Many states allow increased exemptions, while others offer property tax credits. Propositions 60 and 90 in California allow persons older than 55 to sell their residences and move without a significant increase in property taxes.

Besides the obvious credits, many states offer unique tax savings opportunities for seniors. Among New York's credits are a credit for purchasing a defibrillator and a nursing home assessment credit. Tax practitioners preparing returns for seniors need to be aware of the tax benefits states offer for older Americans.

Listen as our panel of SALT experts reviews income, property, and other deductions and credits available to reduce taxes paid by retirees.

READ MORE

Outline

  1. State taxation of retirees: introduction
  2. Taxable income
    1. Retirement income
    2. Social Security income
    3. Veterans' benefits
    4. Disability
    5. Other
  3. State credits
    1. New York
    2. California
    3. Other states
  4. Property tax
  5. Sales tax
  6. Estate and inheritance taxes

Benefits

The panel will cover these and other key issues:

  • How Propositions 60 and 90 can save seniors significant tax dollars
  • Unique state credits available in New York for retirees
  • Retirement exclusions available in specific states
  • How states tax Veterans' retirement income
  • Property tax exemptions and credits available in certain states

Faculty

Flett, Kimberly
Kimberly Flett, CPA, QPA, QKA, CHRS

Partner, ERISA Tax Leader
ERISA & Tax Financial Services, LLC

Ms. Flett is a partner with ERISA & Tax Financial Services, LLC, a CPA firm with a specialty focus in retirement...  |  Read More

Additional faculty
to be announced.
Attend on November 10

Early Discount (through 10/14/22)

CPE credit processing is available for an additional fee of $39.
CPE processing must be ordered prior to the event. See NASBA details.

Cannot Attend November 10?

Early Discount (through 10/14/22)

CPE credit is not available on downloads.

Download