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STATE TAXES

This information is believed to be accurate at time of publishing.  Please check with the States for assurance.

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Retirement Living Website / Taxes: Virginia

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Retirement Living Website / Taxes: North Carolina

 

 STATE INCOME TAX - NORTH CAROLINA :  MAJOR TAX REFORM -FLAT RATE IN 2014

 

 
Income  Tax
For Tax Year 2014

 

MAJOR
TAX REFORM
 
NEW FLAT RATE

of 5.8%

        

 877-252-3052        North Carolina Department of Revenue

  Web:                http://www.dor.state.nc.us/

 

North Carolina does provide limited relief from taxes on federal and private pension income, but the rules are complex and must be applied to your particular circumstances.  I suggest you consult a North Carolina certified public accountant or visit the NC-DOR link above for more information.
 

 Exemptions

Personal Exemption no longer allowed after 1/1/2014

 Standard deduction

(*IF* also claimed on Fed Return - more if age 65 or blind)

$15,000 if married filing joint/qualifying widow(er);
$12,000 if head of household;

$  7,500 if single;

$  5,500 if married filing separate.

If taxable income is:

Then your tax is:    5.8%

 

 

 STATE INCOME TAX - VIRGINIA

 


Income  Tax

For Tax Year 2014

 

888-268-2829   Virginia Department of Taxation
Web:            http://www.tax.virginia.gov/

 

Standard deduction

$6,000  if married filing jointly or married filing separately

        on combined return
$3,000  if single
$3,000  if married filing separately

Exemptions $ 930   each filer is allowed one personal exemption.
$ 800   additional exemption if 65 or over, or blind

If taxable income is:

Then your tax is:

$     0 - $  3,000

$ 3,001 - $  5,000

$ 5,001 - $17,000

$17,001 -  over

-        2%

-   $60 + 3%    of the amount over  $3,000

-  $120 + 5%    of the amount over  $5,000

-  $720 + 5.75% of the amount over $17,000