My pension will be under $80,000.00 per year and while I want to work a little I plan on earning less than $40,000.00 per year.
2007-08-02 09:02:10 · 4 answers · asked by moodyj1 1 in Business & Finance ➔ Taxes ➔ United States
What is taxable by Oregon?
Federal income tax rules generally determine the amount of your pension that is taxed by Oregon. However,you may subtract some pensions on your Oregon return that were taxed on your federal return.
These pensions are not taxed by Oregon:
• Social Security benefits.
• Veterans Administration benefits.
• Railroad Retirement Board benefits.
Oregon allows a subtraction for part or all of the paymentsyou receive from the federal pension system.
Full-year and part-year residents. Most retirement income is subject to Oregon tax when received by an Oregon resident. This is true even if you were a nonresident when you earned the income. However, you may subtract some or all of your federal pension income from Oregon income.
I've attached a link to oregon taxation to help you.
2007-08-02 09:15:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
With such a high amount for a pension, plus working (or even if you didn't work also), you'll pay federal income tax on part of your social security benefits, probably on 85%. You'll also pay tax on your pension.
See http://finance.yahoo.com/retirement/article/103293/Tax-Free-in-the-Rust-Belt?mod=oneclick for info on taxes for retirees in different states.
2007-08-02 17:56:04 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Yes federal taxes.
2007-08-02 16:09:45 · answer #3 · answered by Anonymous · 0⤊ 1⤋
didn't you already pay taxes on it. ??
2007-08-02 16:10:34 · answer #4 · answered by fuzzykitty 6 · 0⤊ 3⤋