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Retirement do they tax you on your retirement?

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Most Federal Salaries are taxed




Money you use for your retirement is taxed just like any other income. It is the source of the funds that may have had special tax circumstances when established. (For example, many are established with tax deductible payments during your working years...meaning the income was never taxed).


Generally retirement income is taxable. It depends on how the savings the fund the plan that sources or produces the income were taxed when contributed, and while the investment grew. For example certain types of plans, a Roth IRA most notably, the income may NOT be taxable, whereas in a normal IRA it is only taxable in part.


Pension plans are virtually always taxable.


Talk to your plan administrator where the funds are sourced fro specifics on your plan. they will also be sending tax reporting information to you and the IRS. BE ADVISED, BY FEDERAL LAW MANY PROGRAMS REQUIRE YOU TO TAKE AT LEAST A MINIMUM DISTRIBUTION EACH YEAR (an AMD - alternative minimum distribution) that is taxable (regardless of if you need it, want it, or not) or have unsavory tax and financial consequences.
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