INDIANAPOLIS – Changes to Indiana tax laws could put more money in the pockets of military retirees or their surviving spouses this tax season, advises the Indiana Department of Revenue (DOR).
Gov. Eric Holcomb signed House Enrolled Act (HEA) 1010 this past summer to allow for higher tax deductions for military retirement income/survivor’s benefits.
Eligible taxpayers can now deduct up to $6,250 plus an additional 25% of their military retirement income or survivor’s benefits for the 2019 tax year. That amount increases by 25% each year as shown below:
- 2020 – 50% of the amount received that exceeds $6,250
- 2021 – 75% of the amount received that exceeds $6,250
- 2022 – 100% of the amount received
The military deduction is one of the biggest changes for the 2020 tax season. DOR was proud to work with Gov. Holcomb and the General Assembly to make this a reality for Hoosier veterans and their families.
Tax forms and instructions for the 2019 tax year are available on DOR’s website at dor.in.gov. For more information regarding HEA 1010, visit https://legiscan.com/IN/bill/HB1010/2019.
Customers with questions are encouraged to call DOR Customer Service at 317-232-2240, Monday through Friday, 8 a.m. – 4:30 p.m., EST.
SOURCE: News release from Indiana Department of Revenue