What would you like to do?

Are you taxed on retirement checks?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

Are you taxed on retirement checks?
Yes, except for the portions of the checks that represent a return of after-tax employee contributions, qualified Roth IRA and Roth 401k distributions, and return of after-tax (non-deductible) traditional IRA contributions.

Note that withholding on periodic payments from pension plans is optional. But the fact that no tax is withheld does not mean that the payments are tax-free. You will have to calculate the taxes and pay them when you file your tax return at the end of the year. Note also that if you have a substantial underpayment of taxes, you may be subject to an underpayment penalty.

If you are referring to Social Security benefits, a portion of those can be taxable depending on your total income and your marital and filing status.
1 person found this useful
Thanks for the feedback!
Follow

Tell us more about FitPro Protein! What separates the product from everything else available on the market, and how did you get involved?

View Full Interview

Does Mass tax retirement pensions?

Income from most private pensions or annuity plans is taxable in Massachusetts. However, the following is a list of some specific pensions that are exempt: Go to the Massachu

What states do not tax military retirement?

Some states provide special tax benefits to military retirees. Others simply follow the federal tax rules. The states that do not tax retired military pay are: Alabama, Alaska
Do you pay taxes on Social Security when retired?

Do you pay taxes on Social Security when retired?

The answer depends on your individual circumstances. If you are retired and Social Security benefits are your only source of income, you may file, but generally will not be
What the percent of 401k tax when you retire?

What the percent of 401k tax when you retire?

The standard withholding on all withdrawals for 401k plans is 20%. There are two exlcusions to this and that is Required Minimum Distributions and Hardship Withdrawals. In add

If you are retired do you have to file taxes?

  The answer to your questions depends largely on other factors. I'd need to know your marital status and income information, how much you receive from Social Security and

Do you have to file taxes on retirement?

Yes and it is very possible that some of the retirement income could be taxable income on your income tax return.
Do you pay Social Security taxes after retirement?

Do you pay Social Security taxes after retirement?

Yes, unfortunately this is the case. It's a pro-rated amount after your AGI exceeds a certain threshold. The generally increased per year so you can check the IRS web page or

Are you taxed on disability and retirement checks?

Answer   If either your employer bought the disability policy, or you purchased it with PRE-tax money (thru payroll deduction perhaps), then I believe disability benefits

What are the Advantages of tax deferred retirement plans?

  Answer   First off, there are very few, if any, disadvantages.   Advantages include the basic concept that paying taxes later, in this case frequently much late

Do you have to file tax return if you are 83 and retired?

  Same answer as for the 18 year old asking a moment ago...age isn't a determining factor in who must file a tax reutrn. Basically, your income is. Many, many retiree's ha

Do I have to pay taxes on my retirement?

Yes, you have to pay taxes on your retirement at a rate determined by your retirement income, which should be much lower than your working income. Yes, you have to pay taxes o

Do you have to pay Alabama state tax if you are retired?

Retirees are not exempt from paying Alabama state tax. However, Alabama does not tax Social Security, Federal retirement benefits, Alabama state retirement benefits, and per

Does a veteran get a retirement check?

In the US, persons that serve long enough to retire from the  military draw a retirement payment. Not all veterans are retirees.    If your husband has deceased, DOES