I elected to receive my pension at 55 . is my pension taxeble , meaning do i have to pay taxes on it.
2007-02-20 06:02:56 · 4 answers · asked by adam b 2 in Business & Finance ➔ Taxes ➔ United States
Pensions are not tax-exempt. If there is a part of the distribution that you paid taxes on when you contributed it, that part will not be taxable. The rest is taxable.
You will receive a 1099R from the payor. Box 1 will be the distribution, Box 2 will be the taxable amount. Usually Box 1 and Box 2 are the same. If Box 2 is blank, special computations may apply to determine the taxable amount.
2007-02-20 06:09:16 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
Yes, a pension is taxable income, no matter how young or old you are when you receive it, and you'd have to file unless your total income is below the amount for you to be required to file.
2007-02-20 13:26:18 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Yes, it's fully taxable.
2007-02-20 06:16:11 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
what is maximum inclome for tirement pensions before I have to apy taxes
2016-02-04 02:13:40 · answer #4 · answered by lukey50_52000 1 · 0⤊ 0⤋