How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask RD Your Own Question
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
510454
Type Your Tax Question Here...
RD is online now
A new question is answered every 9 seconds

How much state tax will be charged on pension and annunity

Resolved Question:

How much state tax will be charged on pension and annunity withdrawals for 2009?
Submitted: 7 years ago.
Category: Tax
Expert:  RD replied 7 years ago.
<table border="0" cellspacing="0" cellpadding="0" width="640">
IL does not tax retirement income. Here is a link for your reference

http://www.revenue.state.il.us/individuals/pension.htm

Regarding annuity- what type of annuity is it?



Edited by RD on 12/1/2009 at 6:31 PM EST
Customer: replied 7 years ago.
I have an ira and money invested in genworth financial
Expert:  RD replied 7 years ago.
Is the money invested in genworth part of the retirement account that you have?
Customer: replied 7 years ago.
Yes, I put part of my retirement money in genworth.
Expert:  RD replied 7 years ago.
Than since the distribution(money held in retirement account in Genworth and your other IRA) is from your retirement account this would not be taxable for IL State income tax purposes.

Let me know if you have any question.

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

RD and 3 other Tax Specialists are ready to help you

Related Tax Questions