Retirement income in Maine
Varies
Does Maine Tax Retirement Income?
Short answer: Partly. Each taxpayer may deduct up to $48,216 (2025) of pension, 401(k), and IRA income, reduced by Social Security and railroad retirement benefits received. The deduction phases out above AGI of $125,000 single / $250,000 joint. the 2025 official amount is shown.
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 Maine
Varies
Individuals / Personal Taxes
Partly. Each taxpayer may deduct up to $48,216 (2025) of pension, 401(k), and IRA income, reduced by Social Security and railroad retirement benefits received. The deduction phases out above AGI of $125,000 single / $250,000 joint. the 2025 official amount is shown.
Business justification
Partly. Each taxpayer may deduct up to $48,216 (2025) of pension, 401(k), and IRA income, reduced by Social Security and railroad retirement benefits received. The deduction phases out above AGI of $125,000 single / $250,000 joint. the 2025 official amount is shown. 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