Retiree W2

Discussion in 'UPS Retirement Topics' started by obama, Jan 27, 2014.

  1. obama

    obama Member

    Got my first W2 as a retire and I was wondering if pension checks get lumped together with paychecks, and are included in box 1 as income. I retired in March 2013 and my W2 seems too high if it doesn't include my pension checks. I live in NY where pensions are not taxed so I need to determine how much of income on W2 is attributed to pay and how much to pension. Thanks !!!
     
  2. obama

    obama Member

    ahhhhhhhh, never mind...doesn't take effect until age 59 1/2 and I ain't there yet :)
     
  3. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    The only pensions not taxed in New York are those of retired state employees.
     
  4. obama

    obama Member

    private pensions are not taxed on the first $20,000 if you turn 59 1/2 during the tax year.
     
  5. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    It appears wages and retirement compensation are mixed together but I'm not sure.
    You talking about NY State or Federal?
     
  6. obama

    obama Member

    My federal and state income both reflect the same amount so I think wages and pension are mixed together.
     
  7. retired2000

    retired2000 Active Member

    Here in the great state of ny the first $20,000 of your pension is tax free
     
  8. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    I received a second w-2 from UPS Retirement today.
    It is correct.
    Mt w-2 from ups is incorrect - too high.
    I am going to have to get a corrected w-2
     
  9. obama

    obama Member

    HOAX----you got a 2nd w2 or a 1099r ? I just got a 1009r with pension income and federal tax withheld. I also think my w2 is too high but it does include your last MIP in March and the RSU in January. Why can't retirees view paychecks any longer? At least I'd be able to reconcile my 2013 earnings.
     
  10. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    You're right ... 1099R.


    Also, the RSU was in October 2013 ... right?
     
  11. obama

    obama Member

    in 2013 it was one in Jan and one in Oct...
     
  12. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    Thus begins another sordid affair in obsession.
     
  13. obama

    obama Member

    do u still have access to "view my paycheck"? I do not and am trying to find out why
     
  14. obama

    obama Member

    and would the RSU's show up as income like MIP does? didn't they show as income the year we received MIP ?
     
  15. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    Not in year you earned.
    In the year they mature.
    They show up as income.
    I lost access to paycheck the month after retirement.
     
  16. obama

    obama Member

    so that's why my W2 is showing much more than my final paycheck (I was able to get a copy of it from a former co-worked in HR) ... I can't believe they make it this difficult to reconcile. When I was active I didn't scrutinize as much but now as a retiree I ball-parked what I thought my income would be and was surprised at how much more it actually was. And why the heck would we lose 'view paycheck' so soon after retirement. To me it would make sense to remove it a year after retirement. Thanks for the feedback !
     
  17. obama

    obama Member

    how odd---I looked there before I started this adventure and it wasn't there...I made a few calls to some old friends in HR and now it's there...amazing !