What would you like to do?

Retirement do they tax you on your retirement?

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 .

Retirement do they tax you on your retirement?
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.
Thanks for the feedback!
Follow

Before directing the short film "Fishing With Nets," you toured with U2 as the band's filmmaker. How did you go from filming one of the most iconic bands of our time to filming Somali pirates (actors of course) in Kenya?

View Full Interview

What is retirement?

Retirement is a state of mind. I think it means different things to  different people: some people call themselves retired, and are  still working. To me, retirement happene

Is The Who retired?

No, two members still continue to perform under the Who name.   |And those two members are vocalist Rodger Daltrey and songwriter/guitarist Pete Townshend. John Entwistle,

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

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

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.

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 retire?

Do you have to retire?

You do not have to retire unless a certain retirement age is part of your job requirements, such as with law enforcement, or unless you can no longer perform your responsibili
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
In Uncategorized

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

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 is retirals?

  Retirals means the benefits payable at the time of Retirement