What tax breaks does Utah tax law provide for retired taxpayers?
Taxpayers under age 65 can exclude up to $4,800 per person of retirement income (pension, annuities, or taxable social security benefits). Taxpayers age 65 or older can exclude $7,500 each of income regardless of whether it is retirement income or not. Both of these exemption amounts are phased out for higher income taxpayers. Married taxpayers making more than $32,000 and single taxpayers making more than $25,000 will lose some or all of these exemptions depending on their adjusted gross income.
