State Rep. Palm: Retirees Can Deduct More Pension Income In 2021

Press release from State Rep. Palm:

Jan. 12, 2021

Dear Neighbor,

Retirees in Connecticut are now able to claim a larger deduction on pension and annuity income thanks to legislation that was passed in the state legislature in 2017.

Starting with the 2019 tax year, seniors are seeing an increase in the percentage of pension and annuity income they can deduct from their annual tax returns. The deduction for 2019 was 14% and increases to 28% for 2020. By 2025, seniors will be able to deduct 100% of their pension and annuity income.

The deduction applies to pension and annuity income for individuals earning less than $75,000 annually or married couples earning under $100,000 per year.

I am proud to help our seniors on fixed incomes reduce their tax burden in appreciation for their years of service to the community.

Please help me reach your neighbors, who may be in need, by forwarding this email to them. Feel free to contact me by email at Christine.Palm@cga.ct.gov with any questions or concerns.

Sincerely,

Christine Palm
State Representative

This press release was produced by State Rep. Palm. The views expressed here are the author's own.