S.354

Modifies eligibility requirements for retirement income exclusion based on other sources of income.

This bill amends the eligibility requirements for the retirement income exclusion concerning other sources of income. It increases the allowable income from certain sources, such as salaries and business income, to $25,000 for married couples filing jointly, $7,500 for married individuals filing separately, and $11,250 for single filers. If a taxpayer's total gross income exceeds $100,000, they will still be ineligible for the exclusion. The bill also adjusts the exclusion amounts for different tax years, ranging from $10,000 to $100,000, depending on the filing status and the tax year.