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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4197
Experience:  Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
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I will be 55 years old in December.I am on permanent police

Resolved Question:

I will be 55 years old in December.I am on permanent police officer's disability from the state of South Carolina and have been since 1996. I now live in California. My new tax accountant said in the state of California I should not have to pay state or federal taxes on my pension, but when I called the South Carolina Police Officers Retirement System, (PORS) they told me they do not use the Federal Government IRS guidelines to go by for a disabled person.They will not change the code on the back of the 1099. Who is right? My accountant said 10 years ago the IRS changed the way pensions are handled from state-to-state. Please let me know what to expect to do next year on my taxes. It means about $4,000 a year for me.
Thank You.
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Lane :

OK let me make sure I'm with you here ... You're talking about California taxing the pension as income?

Lane :

State income tax, right?

Lane :

OK, I still don't see you coming into the chat here, so I'll answer generally, assuming you're asking about California State income tax on your pension:

Lane :

Pleas don't shoot the messenger here, but in the FTN publication 2005 is says the following:

Lane :

California Residents Receiving
an Out-of-State Pension
In General
­ alifornia residents are taxed on ALL income, including
C
income from sources outside ­California. Therefore, a pension
attributable to services performed outside ­California but
received after you became a ­California resident is taxable in its
entirety by ­California.

Lane :

Here'a the publication: https://www.ftb.ca.gov/forms/2011/11_1005.pdf

Customer:

Ok, thank you for the info. I guess I will be paying the 4,000 in taxes.

Lane :

So sorry, California is very aggressive in this way

Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4197
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
Lane and 4 other Tax Specialists are ready to help you
Expert:  Lane replied 1 year ago.

Thanks for the rating Steven,

Sorry to be the messenger here.

But hopefully having all the facts will help you "see around some corners."

Thanks again,

lane

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