Papi4baby said:
Well im young and it does not affect me, but i hope you know that Maryland is know for taxing retirement pay to death, welcome to peacefull SOMD, enjoy your stay.
Not sure what this guy is talking about MD gives you the first 5k tax free.
Military Retirement Income
Senate Bill 22 link to (Chapter 226, Acts of 2006) - Income Tax - Subtraction Modification - Military Retirement Income
This Act amends TG §10-207(q) to provide a subtraction modification in the amount of the first $5,000 of military retirement income received by an individual during the taxable year. "Military retirement income" is defined to mean retirement income received as a result of military service. "Military service" is defined to mean:
Induction into the armed forces of the United States for training and service under the Selective Training and Service Act of 1940 or a subsequent Act of similar nature;
Membership in a reserve component of the armed forces of the United States;
Membership in an active component of the armed forces of the United States;
Membership in the Maryland National Guard; or
With respect to a person separated from employment on or after July 1, 1991, active duty with the commissioned corps of the Public Health Service, the National Oceanic and Atmospheric Administration, or the Coast and Geodetic Survey.
This Act eliminates the former requirement that the individual had to be at least 55 years old and an enlisted member of the military at the time of retirement in order to qualify for the subtraction modification. It also eliminates any reduction of the subtraction based on the amount of federal adjusted gross income.
There is rumor that this number is going to increase to 10 over the next few years.