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Railroad retirement benegits are subject to Federal Income tax. Tier 1 of Railroad retirement has the same treatment regarding income taxes as does Social Security benefits. Tier 2 of Railroad Retirement benefits are subject to Federal income tax just like other company pensions. Railroad Retirement Unemployment benefits receive the same tax requirements as do State unemployment benefits.
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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… how much from your pension. I can give you some general guidelines as set out by the IRS. _ In cases where Social Security is your only source of income, your income is not taxable, therefore there is no filing requirement. _ If you derive income from other sources in addition to Social Security it may become taxable if your modified adjusted gross income exceeds the "base" amount for your filing status. _ To determine your "base" amount there is a worksheet in the Form 1040 instruction booklet on page 25. (Link: http://www.irs.gov/pub/irs-pdf/i1040gi.pdf ). _ 2007 base amounts are: · $32,000 for married couples filing jointly. · $25,000 for single, head of household, qualifying widow/widower with a dependant, or married individuals filing separately who did not live with their spouses at any time during the year. · $0 for married persons filing separately who lived together during the year. Note: HOW TO FIGURE OUT YOUR BASE AMOUNT 1. Add one-half of the total Social Security you received to all other income, including any tax exempt interest and other exclusions from income. 2. Then, compare this total to the base amount of your filing status. If the total is more than your base amount, then some of your benefits may be taxable. Source: http://www.irs.gov/newsroom/article/0,,id=179091,00.html Hope this helps. Roger Hadad, Effectur Inc., www.irs101.blogspot.com
Do California residents pay state income taxes on their Rairoad Retirement pension under the Railroad Retirement Act?
Do California residents pay state income taxes on their Railroad Retirement pension under the Railroad Retirement Act?
Tier 1 Railroad Retirement benefits are treated the same as Social Security benefits for California income tax purposes. If any portion of your benefits were included in you…r federal income, you can claim an adjustment on line 20 of Schedule CA (for Form 540 filers) or on line 14c of Form 540A.
Railroad Retirement benefits are exempt from Indiana state income tax. They may be federally taxable, depending on your filing status and income. They follow the same rules …as Social Security benefits.
Sometimes. Some railroads issue retiree passes that allow free travel only on the railroad the employee worked on.
Most Federal Salaries are taxed ans 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 circ…umstances 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.
estate Social Security tax A+
They do NOT get a refund from any ones taxes. They only get a refund check from their own taxes if they have over paid their income tax liability for the year.
Yes and it is possible for some of the retirement income to be taxable income in Virginia.
You can contact the Railroad Retirement Board (RRB) at 1-877-772-5772 or visit their website - RRB.GOV, or visit one of the RRB office across the company.
Corpration closed owning taxes I retired on my husband railroad retirement can the irs garnish my check.
don't know trying to find out to make sure it's not a scam
Railroad Retirement Board Building was created in 1939.
Absolutely they do just as people do in every other state.