Retiree W2

[obama]

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 !!!

 

[obama]

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

 

[UpstateNYUPSer(Ret)]

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

 

[obama]

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

 

[Catatonic]

It appears wages and retirement compensation are mixed together but I'm not sure.

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

You talking about NY State or Federal?

 

[obama]

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

 

[retired2000]

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

 

[Catatonic]

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

 

[obama]

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.

 

[Catatonic]

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.

You're right ... 1099R.


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

 

[obama]

in 2013 it was one in Jan and one in Oct...

 

[Catatonic]

We have a driver who has been sitting at home since Monday due to her being fired for not reporting an accident which did not cause property damage but did cause damage to the package car. I urge everyone to heed this advice-----report all accidents and injuries no matter how minor immediately to your mgt team. Had she done this she would still be working today rather than trying to figure out what her future plans will be. She is working with union to try to get her job back but has been told that it could take at least two weeks for that process to be completed.

It is this simple----report all accidents/injuries in a timely manner.

Thus begins another sordid affair in obsession.

 

[obama]

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

 

[obama]

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

 

[Catatonic]

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

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

 

[obama]

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 !

 

[obama]

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 !