Pension at tax time

[Jkloc420]

All of it? Please inform us how that is done. (unless you retired with 10 kids still at home)

What do you mean all of it, I am just going on what I was told, if you make 2 much between pension, ss and investments you have to pay taxes at a certain level, I dont know how much you can have taking out

 

[olroadbeech]

Have you had a tax pro look at your return to make sure you are getting all deductions?
All pension income is taxed by the Feds.

But being retired we receive huge refunds. I only have 10% with held. Best to have auto withholding for feds and state.

Have a pro look at your return. $8k sounds excessive.

 

[Overpaid Union Thug]

Retirement Taxes: How All 50 States Tax Retirees

Find out how 2024 income taxes in retirement stack up in all 50 states plus the District of Columbia.

www.kiplinger.com

Good info. So glad to be in a dark green zone.

 

[BrownFlush]

I could see some thinking it's free money and spending every penny.

Did someone want me?

 

[BrownFlush]

It took a while, but I've got it pretty well figured out for me.
What I get back from the fed is always a just little more than what I owe the state.
I spend every nickel of my pension and SS every month.

 

[burrheadd]

Have you had a tax pro look at your return to make sure you are getting all deductions?
All pension income is taxed by the Feds.

But being retired we receive huge refunds. I only have 10% with held. Best to have auto withholding for feds and state.

Have a pro look at your return. $8k sounds excessive.

Tax guru ^^^^^ among other specialties

 

[Wally]

Why should retirees pay no tax? If you geezers do not pay tax on pension you are getting welfare. Someone else is paying for you.

 

[BrownFlush]

Why should retirees pay no tax? If you geezers do not pay tax on pension you are getting welfare. Someone else is paying for you.

I'm kinda likin' that idea.

 

[UnionStrong]

Why should retirees pay no tax? If you geezers do not pay tax on pension you are getting welfare. Someone else is paying for you.

Quiet wage slave! Keep adding to the fund.

 

[Overpaid Union Thug]

Why should retirees pay no tax? If you geezers do not pay tax on pension you are getting welfare. Someone else is paying for you.

I’ll still pay federal taxes. As far as state taxes goes….I t’s obvious from the map that some states are much better at handling their finances than others. And for that reason they don’t see it necessary to tax retirees until they die.

 

[Wally]

I’ll still pay federal taxes. As far as state taxes goes….I t’s obvious from the map that some states are much better at handling their finances than others. And for that reason they don’t see it necessary to tax retirees until they die.

Tax everyone fairly and taxes go down. Stop the free ride for these geezers.

 

[Overpaid Union Thug]

Tax everyone fairly and taxes go down. Stop the free ride for these geezers.

Taxes are down in many states because we’re on of those states that manage our tax revenue well. I don’t mind letting retirees off the hook when they’ve already paid in for so many years. I’d rather force the free loading younger generations to actually pay taxes instead.

 

[clean hairy]

The map appears to be incorrect.
Shows Texas as not being tax friendly, though Texas has no state income tax...

 

[rod]

Good info. So glad to be in a dark green zone.
View attachment 384266

Mn. is a NON-FRIENDLY tax state-yet we have billions of dollars in left over funds in last years budget. Can you say "over taxed"?

 

[Overpaid Union Thug]

Is it put back into the communities?

 

[NAHimGOOD]

Is it put back into the communities?

Governor's mansion needs tuck pointing

 

[bddaddy]

i plan to just pay my taxes out of my 401k. is this a bad idea?

 

[Wally]

i plan to just pay my taxes out of my 401k. is this a bad idea?

You owe tax on that too.

 

[Thebrownblob]

i plan to just pay my taxes out of my 401k. is this a bad idea?

 

[BrownFlush]

401K....401K....no way