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Illinois charges a flat state income tax of 4.95 percent, but all retirement income is exempt from paying the tax. This includes pension payments as well as distributions from retirement plans ...
Military Retirement Pay State Income Tax Exemption: 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 the State of West Virginia are exempt from state income tax.
Oh, and if you're collecting or planning to collect military retirement pay, know that even most states that charge ordinary income tax still don't tax this particular income. Of the 16 that do ...
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Military retirement in the United States is a system of benefits designed to improve the quality and retention of personnel recruited to and retained within the United States military. These benefits are technically not a veterans pension, but a retainer payment, as retired service members are eligible to be reactivated.
A veteran's pension or "wartime pension" is a pension for veterans of the United States Armed Forces, who served in the military but did not qualify for military retired pay from the Armed Forces. It was established by the United States Congress and given to veterans who meet the eligibility requirements. Along with payments, they are also ...
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Employees hired prior to January 1, 2013 contribute 0.8 percent of salaries to their FERS annuity (post-tax, unlike TSP contributions which are pre-tax), while employees hired in 2013 contribute 3.1 percent and employees hired in 2014 and thereafter contribute 4.4 percent (an additional 0.5 percent applies to certain special category positions ...