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PDtax
PDtax, CPA firm owner
Category: Tax
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Experience:  32 years tax experience, including four years at a Big 4 firm.
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Good Day... In a nutshell... I live in PA and next June

Resolved Question:

Good Day...

In a nutshell...

I live in PA and next June (when I turn 55) I will collect a pension from California.

Is the California pension taxable? Of
an approximately $1200/month pension, how much will I see? I am trying to determine if I should leave my current job then (and collect an additional pension) or stay....and...

Is a PA pension taxable (from my current job....also next June)? And...of an approximate $800/month PA pension, how much will I see?

THANKS VERY MUCH!!
Submitted: 10 months ago.
Category: Tax
Expert:  PDtax replied 10 months ago.

PDtax :

Welcome to the site. I'm PDtax, and will be helping you today.

PDtax :

Pensions from a qualified plan are not taxed in Pennsylvania.

PDtax :

As long as you meet the age and other requirements for normal distributions from the CA plan, PA does not tax this income.

PDtax :

since you asked about the combination of your two retirement payouts, if you qualify for the same tax free payment stream from PA (qualified plan, reached the age threshold), that will be tax free in PA as well.

PDtax :

Thanks for asking at Just Answer. I'm PDtax.

PDtax, CPA firm owner
Category: Tax
Satisfied Customers: 1892
Experience: 32 years tax experience, including four years at a Big 4 firm.
PDtax and 2 other Tax Specialists are ready to help you
Customer: replied 10 months ago.


A clarification, please.....I understand there is no PA state tax on the pension income...is there Federal tax? I may not have worded my question as exactly as I wanted.


 


Thank you again

Expert:  PDtax replied 10 months ago.
Yes there is Federal tax on both pensions. Your 1099-R will report the taxable portion each year.
PDtax, CPA firm owner
Category: Tax
Satisfied Customers: 1892
Experience: 32 years tax experience, including four years at a Big 4 firm.
PDtax and 2 other Tax Specialists are ready to help you

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