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Annual Retirement Income Exclusion (R.S. .1(A))?Persons 65 years or older may exclude up to $6,000 of annual retirement income from their taxable income. Taxpayers that are married filing jointly and are both age 65 or older can each exclude up to $6,000 of annual retirement income.
Residents with exempt income, interest income from obligations of other states and their political subdivisions, or residents 65 or over with annual retirement income taxable to Louisiana must use Schedule E to determine their Louisiana adjusted gross income.
Supplemental. Income and Loss. Use Schedule E (Form 1040) to report income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in REMICs. You can attach your own schedule(s) to report income or loss from any of these sources.
Federal Income Tax Deduction ? This deduction is no longer available because Act 395 of the 2021 Regular Legislative Session repealed the deduction effective December 31, 2021. Your Louisiana Income Tax ? Line 10 - Act 395 of the 2021 Regular Legislative Session reduced the income tax rates to 1.85%, 3.5%, and 4.25%.
Louisiana residents, part-year residents of Louisiana, and nonresidents with income from Louisiana sources who are required to file a federal income tax return must file a Louisiana Individual Income Tax Return.
Social Security income is not taxed. Withdrawals from retirement accounts are partially taxed. Wages are taxed at normal rates, and your marginal state tax rate is 1.85%. Public pension income is not taxed, and private pension income is partially taxed.
INFORMATION ON APPLYING FOR TAX EXEMPTION IN LOUISIANA You can apply to obtain Louisiana sales tax exemption by filing form R-1048, the Application for Exemption from Collection of Louisiana State Sales Tax with the Louisiana Department of Revenue.