Indiana Code 6-3-2-3.7. Remainder of federal civil service annuity minus certain retirement benefits; deduction
(1) the:
Terms Used In Indiana Code 6-3-2-3.7
- adjusted gross income: shall mean the following:
(a) In the case of all individuals, "adjusted gross income" (as defined in Section 62 of the Internal Revenue Code), modified as follows:
Indiana Code 6-3-1-3.5
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(B) first sixteen thousand dollars ($16,000), for taxable years beginning after December 31, 2015;
which is received by the individual or the individual’s surviving spouse during the taxable year from a federal civil service annuity, and which is included in adjusted gross income under Section 62 of the Internal Revenue Code; minus
(2) the total amount of Social Security benefits and railroad retirement benefits received by the individual or the individual’s surviving spouse during the taxable year.
(b) The individual is only entitled to the deduction provided by this section if the individual is at least sixty-two (62) years of age before the end of the taxable year. This subsection does not apply to the individual’s surviving spouse.
As added by Acts 1977, P.L.79, SEC.1. Amended by Acts 1980, P.L.54, SEC.2; P.L.76-1985, SEC.1; P.L.250-2015, SEC.15.