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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15205
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Earned pension and 401k benfits in Ga, lived in Ga. Moved

Resolved Question:

Earned pension and 401k benfits in Ga, lived in Ga.
Moved to NC. Received these pension and 401k benfits in NC. Which state do I paid income tax to..
Submitted: 11 months ago.
Category: Tax
Expert:  Megan C replied 11 months ago.

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

You must pay tax to the state in which you live, as well as where you work. The pension is not taxable to Georgia.

Megan C :

Even though you earned the pension in Georgia, you no longer live there and therefore do not have to pay taxes.

Megan C :

If you paid tax there, you can file an amended return and get your tax back, and pay North Carolina.

Megan C :

Do you have any further questions?

Megan C :

You can read an article about this, HERE

Customer:

What about NC reqirement to pay where earned..

Megan C :

A better article can be found, HERE. Basically states USED TO have these laws where you would owe tax where you earned the pension, but a federal law stopped that. Now, you are only taxed in the state you are domiciled in

Megan C :

Let me double check to see if North Carolina taxes pensions

Megan C :

$4,000 is exempt for government pensions, and $2,000 is exempt for private qualified pensions

Megan C :

which would include your 401(k)

Megan C :

So, you are still taxed on the pension income and 401(k) withdrawals.

Customer:

Not the answer I wanted.

Megan C :

I'm truly sorry. I wish I had better news for you, but I have an obligation to tell you the tax law as it currently stands

Megan C :

However, you are not taxed in Georgia.

Megan C :

Did you have further questions today?

Customer:

Thanks NO

Megan C :

Would you say that I have provided you with "excellent service" today?

Customer:

Yes

Megan C :

Okay, if you would, please rate my response as "Excellent" using the rating feature along the bottom of your screen. Thanks again for being a valued JustAnswer.com customer

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15205
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 3 other Tax Specialists are ready to help you
Expert:  Megan C replied 11 months ago.
Thanks, Bill for your positive rating. Please come back and visit me any time you have a question that needs answered. It was a pleasure working with you today.

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