Retirement income in Delaware
Varies
Does Delaware Tax Retirement Income?
Short answer: Partly. Taxpayers 60+ may exclude up to $12,500 per person of pensions and eligible retirement income (including 401(k) and IRA withdrawals). Taxpayers under 60 may exclude up to $2,000 of pension income.
Pensions, traditional IRA and 401(k) withdrawals are taxable federally either way; Roth withdrawals after 59½ (5-year rule met) are tax-free.
Records to keep: Keep your state return, W-2s and 1099s (1099-R, SSA-1099), and any state credit worksheets. Check your state revenue department's current-year instructions before you file.
Retirement income in Delaware
Varies
Individuals / Personal Taxes
Partly. Taxpayers 60+ may exclude up to $12,500 per person of pensions and eligible retirement income (including 401(k) and IRA withdrawals). Taxpayers under 60 may exclude up to $2,000 of pension income.
Business justification
Partly. Taxpayers 60+ may exclude up to $12,500 per person of pensions and eligible retirement income (including 401(k) and IRA withdrawals). Taxpayers under 60 may exclude up to $2,000 of pension income. Pensions, traditional IRA and 401(k) withdrawals are taxable federally either way; Roth withdrawals after 59½ (5-year rule met) are tax-free.
Category
- Personal Tax Deductions