Pension at tax time

[Gixxer2003]

This is my first year doing my taxes as a retiree when i filed for my pension i did not elect to have taxes taken out of my pension i
just decided to put a certain amount away each month then pay the taxes when due write a check. I also took a lump sum out from
my pension . The feds took their money from that from day 1. Is any of our pension not taxable? Do we have to report the 1099 r i was
under the impression we didn’t have to I’m playing with the numbers and I’m getting killed i gotta write a check for like $8grand for fed and state. i think I’m gonna just let the bank take the tax out like normal.

 

[rod]

No way around it---Pay the Man. Try making quarterly payments --it takes some of the sting out of it.

 

[Jones]

Some states give you a tax break on your pension, but to the feds it's all taxed like regular income.

 

[Gixxer2003]

I gotta try quarterly, man it hurts writing this check.

 

[IVE GOTTA PACKAGE 4U]

Some states give you a tax break on your pension, but to the feds it's all taxed like regular income.

No taxation on pension here thank God for that

 

[Gixxer2003]

irs 1040 and 1099 r are basically the same but 1099 r is not considered wages and u still gotta pay

 

[Gixxer2003]

I’ll be driving for GRUB HUB or DOOR DASH next week. LOL

 

[Jones]

Taxes in Retirement: 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

 

[Red Headed Stranger]

You may be able to contact who administers your pension and have a certain percentage withheld from each check for Federal and State. If they don't withhold State of North Carolina, your best bet is to send in quarterly payments to avoid getting hit with a penalty at tax time for not paying in at least what the tax was on your prior year's return.

 

[Gixxer2003]

You may be able to contact who administers your pension and have a certain percentage withheld from each check for Federal and State. If they don't withhold State of North Carolina, your best bet is to send in quarterly payments to avoid getting hit with a penalty at tax time for not paying in at least what the tax was on your prior year's return.

Ty

 

[Gixxer2003]

Taxes in Retirement: 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

Ty

 

[Gixxer2003]

No taxation on pension here thank God for that

Where u at ?

 

[Gixxer2003]

Where u at buddy?

 

[Jkloc420]

Where u at buddy?

You must be getting good pension to be paying 8000 bucks

 

[Wally]

I wonder how often new retirees dig themselves the tax hole by not allotting enough for taxes?

 

[Jkloc420]

I wonder how often new retirees dig themselves the tax hole by not allotting enough for taxes?

Depends on how much they make

 

[Wally]

Depends on how much they make

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

 

[Jkloc420]

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

Yes

 

[Jkloc420]

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

Just have them take out and get it back at the end of the year

 

[rod]

Just have them take out and get it back at the end of the year

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