Pension at tax time

Jkloc420

Do you need an air compressor or tire gauge
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

Happy Verified UPSer
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

Well-Known Member
Good info. So glad to be in a dark green zone.
EB23CDFE-32C1-4548-961B-FF441FADBFDA.jpeg
 

BrownFlush

Well-Known Member
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

KING Of GIFS
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

BrownCafe Innovator & King of Puns
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.
 

Overpaid Union Thug

Well-Known Member
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

BrownCafe Innovator & King of Puns
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

Well-Known Member
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.
 
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