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Tax on Military Retirement Benefits in Montana
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[QUOTE="Jasz, post: 283464, member: 61772"] Military Retirement Tax in Montana The lowest income tax rate is:1% (on taxable income up to $3,300). The highest income tax rate:6.75 percent (on taxable income greater than $19,800) The state provides an inflation-adjusted exemption for pension income, which includes military retirement pay. However, veterans who have a substantial military pension probably will not be eligible. The maximum exemption for the tax year 2022 is $4,640.However, veterans with a federal adjusted gross income of at least $40,980 (or 43,300 for joint filers) are not eligible for the exemption.If both spouses receive pension benefits, married couples should determine whether separate returns would allow each spouse to deduct $4,640. Taxpayers over the age of 65 can also deduct interest income up to a maximum of $800 ($1,600 for joint filers). [/QUOTE]
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