Pension taxes

Re-Raise

Well-Known Member
IROC was Bought from Hustedt Chevy stock just a rev limiter change i pinned the 145 speedo a couple of times i remember it being a really fun car to drive Eventually traded it into Chevy for a 1992 blazer another great vehicle i had a lot of cars All bought new. What can i say i worked for UPS. $$$$$$$$$$$$$$$$$$.
I bought a new IROC in 87..I thought it was fast at the time. My wife bought a new turbocharged BMW 540xi last year.. it seriously might go 200 miles an hour and literally sticks you to the seat like you are taking off on an amusement park ride.

IROC was an okay car, but the paint sucked..it was black and looked like crap after a few years.
 

oldngray

nowhere special
I can only have Federal taxes taken out. They will not take out State taxes.
My federal and state taxes were taken out automatically. I didn't need to do anything. That was for my full time pension check. Taxes aren't taken out from my part time checks. I could start having them withheld but its a much smaller check and makes little difference at tax time.
 

Re-Raise

Well-Known Member
My federal and state taxes were taken out automatically. I didn't need to do anything. That was for my full time pension check. Taxes aren't taken out from my part time checks. I could start having them withheld but its a much smaller check and makes little difference at tax time.
Same here. I elected not to have anything taken out of my $275 part-time pension.
 

rod

Retired 22 years
Do they tax pension pay in your state?
Mn. taxes most everything except food bought at a grocery store and clothing. The "IN" thing to do now is for every friggin city to add a sales tax for themselves. Usually like a half a percent.
 

ski or die

Ski or Die
Do they tax pension pay in your state?
Pension paid out of Local 710 in Illinois and I live and worked in Indiana while in union. So 710 only pays Federal, probably won't withhold state taxes because of different state. Also I was always a full time employee.
 

Jones

fILE A GRIEVE!
Staff member
I only had the option to have federal taxes taken out. Virginia exempts the first 12k of pension income from state taxes so hopefully I won't owe them tooo much....
 

Re-Raise

Well-Known Member
Pension paid out of Local 710 in Illinois and I live and worked in Indiana while in union. So 710 only pays Federal, probably won't withhold state taxes because of different state. Also I was always a full time employee.
I’m also 710..in Illinois. The state doesn’t tax pension income..they just tax everything else they can think of lol
 

cachmeifucan

Well-Known Member
What percentage does federal government take from pension. It probably also depends on how much social security and retirement income someone is getting in total. By the time I retire Illinois will be taxing pensions.
 

cachmeifucan

Well-Known Member
So at 30 fulltime years I should be able to retire at any age without penalty if I'm 55. I think ots like that here probably different all over
 

Jones

fILE A GRIEVE!
Staff member
What percentage does federal government take from pension. It probably also depends on how much social security and retirement income someone is getting in total. By the time I retire Illinois will be taxing pensions.
Feds tax your pension just like any other income, so the percentage depends on what tax bracket you're in.
 
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