Can you pay all taxes at end of year if on pension?
Yes, If i gets pension more than IT returns then surely i submit returns & pay taxes.
No. You can be over 100 years of age and could still meet the requirements of having to file an income tax return. Age does not have anything to do with the requirement to have to file an income tax return.
Yes could have to pay some income taxes on your pension income.
Do I have to pay FICA and medicare tax on my pension if I retire early at age 55 and not working? No. A pension, like IRA and 401k distributions, is not considered earned income. You do pay income tax, but not FICA (Social Security and Medicare), on those sources.
Generally...yes, sometimes only on a part of it though. Again, generally, the amounts contributed and/or the amounts earned on the investments, were NOT taxed originally.
Depends on which state you move to when you retire. Each state has its on rules but the states that dont tax in ny pension are............. NY, Hawaii, Illinois, Floria, Alabama Alaska, Mississippi, New Hampshire, Pennsylvania, South Dakota, Texas, Washington and Wyoming You can get this list From the internet by typing in the search box ................. (NYS Pension Taxation by State) or call 800 225 5829 Hope I was some help to all of… Read More
I think No
Income taxes, generally. Some states exempt some pensions from income tax. If you are in the UK and are only receiving the State Pension as your income in retirement it is unlikely you would pay an taxes as the amount paid will be below your yearly tax allowance. If you add to the State Pension an allowance from monies saved in a company or a private pensions savings scheme then it is likely you will… Read More
Generally absolutely yes...the State is same as Fed.
Does this mean can you deduct contributions to a traditional individual retirement account (IRA) on your federal 1040 income tax return.If that is what this is about the answer would be yes if you meet all of the necessary rules to be a qualified taxpayer and make the qualified contribution amounts to your IRA account.Go the IRS gov website and use the search box for Publication 590 to read all of the rules that you… Read More
Yes, but no.You will need to file with the state where you reside more than 180 days each year.'Filing taxes' and paying taxes are entirely different things.You file with your state of residence, generally pensioners do not pay though.I am retired on Federal pension, and I live in Maine. My pension is 'taxable'. However I file 'Married-joint' and we have the appropriate standard deductions and exemptions, which add up to more than my pension. So… Read More
Do California residents pay state income taxes on their Rairoad Retirement pension under the Railroad Retirement Act?
In the UK, of course. Why wouldn't you?
You need to consult an accountant who knows the law in the county in which you are paying tax. However in general contributions made to a pension plan out of earnings are tax free, while pension taken out of a pension pot are subject to tax. In the US, contributions in to certain savings plans (generally normal (not ROTH) IRAs, or 401k plans through an employer are not considered taxable income the year they are… Read More
Is not always a true statement
Usually. Even though there are some laws protecting all pensions the IRS has been successful in seizing such funds payment of tax arrearages. This includes Social Security benefits as well as military and/or government employee pensions and privatized benefits.In other words, the IRS can do ALMOST anything they choose to collect taxes owed.
i think so....i would say that.... I would absolutely disagree. Can't even imagine how one could think so. Pesnion contributions (which you may not even make and could be entirely made by your employer), are basically paid to an account for YOU, not society....and most importantly, are paid into an investment company/bank the one directing the plan elects and NOT to any government or govt entity...which I think is a primary test for if something… Read More
Yes absolutely. All retired military personnel are required to file a tax return on all withheld federal taxes shown on their form 1099R.
Yes this could be possible especially from an IRA account.
Yes. Pension income received while you are a Virginia resident is taxable by Virginia, even though it may have been received from another state.Virginia law exempts Social Security and Tier 1 Railroad Retirement benefits from taxation.
If this is a normal pension distribution, income tax will apply. The rate depends on your other income and filing status. You may be taxed by your state as well. If this is a premature distribution with no exception, you will be assessed a 10% penalty, or $7,700, in addition to regular income taxes.
Rent has no effect on income tax
This will depend on how you completed your W-4 form and if you changed it during the year.
Possibly. See Tables 1, 2, and 3 on pages 2, 3, and 4 of Publication 501 to determine if you are required to file a federal return: http://www.irs.gov/pub/irs-pdf/p501.pdf Check your state income tax return instructions or your state tax agency to see if you are required to file a state return. Of course, if you had taxes withheld and are owed a refund, you should file in order to receive the refund even if you… Read More
The National Debt is money the government owes for exnnadipg itself beyond its financial means. Since our national debt is almost one quarter of our entire budget the interest we are paying is 1.1 billion each year. We are paying nothing on the principle. It will not be long before the America Fiat dollar collapses as all paper money systems have. Our dollar is worth 4 cents now. These federal reserve notes are supposed to… Read More
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 your federal income, you can claim an adjustment on line 20 of Schedule CA (for Form 540 filers) or on line 14c of Form 540A.
yes very much, i live there
This would depend on your marginal tax rate and how much you have your employer contribute from your pay before income taxes that you will not have to report as a part of your gross wages for the year and pay any income on the amount until you reach retirement age and start receiving distributions from the plan. Then you will pay the income taxes on the deferred compensation amount.
When living in a state with no income taxes but receiving a pension from another state that has a income tax do you pay tax?
In general, a state will tax you on: Income received while a resident of that state, regardless of where it came from, and Income earned from that state, regardless of whether or not you are a resident. So, if you live in one state but earn income from another, you will generally be taxed on the same income in both states. Most states have tax credits to take of this double-taxation issue. Since you live… Read More
Do residents of Puerto Rico who receive a pension from the federal government have to pay income tax on it?
Yes. As a U.S. citizen or resident alien, your worldwide income generally is subject to U.S. income tax regardless of where you are living. Also, you are subject to the same income tax return filing requirements that apply to U.S. citizens or residents living in the United States.
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 Massachusetts Department of Revenue web site. Mass gov website and use the search box for TAX TIPS FOR SENIORS AND RETIREES and choose For Seniors and Retirees ... as easy as possible, the Department of Revenue (DOR) has created this "Tax Tips" fact sheet
Whether you file or not depends on your yearly earnings. Call the Internal Revenue at filing time and find out the earning amount for that year,
Lets start with, those items can be garnished. However, as they are personal, not Corporate, for them to go after them for most corporate debts (like income tax), they basically have to claim (and support) that the corporation was actually your "alter ego". But, if the Corporate debt your speaking of was payroll withholding (or any of those trust fund taxes...like employer or employee FICA), in which case ALL officers (and even non officers if… Read More
Sure. The beneficiary will be responsible for any taxes due on pension payments.
Yes this might be possible.
If you are on a disability retirement pension from government service which is not taxed will social security income be affected?
Yes it could affect the amount of your SSB that could become taxable income on your 1040 income tax return.
Simple Common Sense: The only time you actually do WANT to file is when the IRS says you don't have to! They don't do that because it's good for you. They do it because it is more likely to be good for them. Certainly if you don't have to file, NOTHING BAD, in fact only good things, can happen by doing so. Federal Taxes are the same throughout the country. State tax laws are specific… Read More
Yes you can inherit a pension but the amount will NOT be free of income tax. The taxable amount of the distribution will be taxed to you in the same way that they would have been taxed to the deceased. The taxable amount of the distribution will be added to all of your other gross worldwide income and be subject to income tax at your marginal tax rate.
You will have to use the 2010 Form W-4P Withholding Certificate for Pension or Annuity PaymentsUse Form W-4P to tell payers the correct amount of federal income taxto withhold from your payment's.The instructions are with the form.Go to the IRS gov web site and use the search box for W-4PClick on the below Related Link
Only if you no longer live in the UK and have done so for at least 5 years, then you can transfer your UK pension to a New Zealand Qrops and cash it in. for more information on Qrops go to www.the-qrops-specialist.com
If your income is your social security benefits and a pension of your dead husband do you need to file income tax?
It is possible that you would need to file a 1040 federal income tax return.The must file an income tax return requirement for the year 2009 would be in the 2009 1040 instruction book starting on page 7 through 9 and the book is available at the IRS gov web site and using the search box for 1040 and choosing instructions. Filing Requirements Do You Have To File Click on the below related links
While there may be some limits or restraints on seizing a tax refund or pension (and probably not as much as you may want to think), once any of these items are deposited into a bank account they lose their identity and are like any other funds. It is only while the tax is with the IRS, or while the pension is in the actual IRA or 401K (or such), that it has any protection.
You have retired and your gross pension check is 91000 you are getting a job with a security firm and want to know if you have to pay ss taxes from the seurity job?
You didn't specify if your now collecting Social Security too, or just a pension.While you may have retired from one job, your still working...albeit at another. An important additional consideration is that those earnings may effect the amount of social security you can collect now.However, you don't need to pay SS contributions for earnings after you have reached your "full retirement age". You do, however, need to report earnings for those months in the calendar… Read More
sent letters must do it ok
There are a million different types of pension plans, and the term is even applied to many that really aren't. Many do allow cash out...many don't and many can't (by law). Most may have some type of penalty (to them and or the IRS) if done before retirement age, although sometimes certain hardships can overcome that. Ask the plan administrator about your specific one.
Withholding is optional on regular periodic retirement pension payments. You may request withholding if you wish. Ask the payer for a withholding form. However, pension payments (except for return of employee after-tax contributions and Roth 401k employee contributions and earnings) are taxable. You will have to pay tax on them when you file your tax return at the end of the year. And if you don't have withholding, you may have to make quarterly estimated… Read More