R15-2C-301. Retirement Benefits, Annuities, Pensions

An individual is allowed to subtract up to $2,500.00 per taxable year from Arizona gross income for income received from sources as delineated in A.R.S. § 43-1022(2)(a) and (b). 1. An individual receiving income from more than 1 such source shall only subtract a total of $2,500.00 for all such income received during the taxable year. 2. The amount allowed as a subtraction is calculated per individual. The allowable subtraction for a married-filing- joint return when both spouses receive income from 1 or more such sources is determined based on the actual amount of income which is received by each individual but not to exceed $2,500.00 per individual. 3. The aggregate subtraction allowed for purposes of individuals filing married-filing-separate returns shall not exceed the limitations as delineated in this rule.