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Can income from pensions be sheltered in any way? I'm

Customer Question
Can income from pensions...

Can income from pensions be sheltered in any way?

Lawyer's Assistant: Have you documented this or discussed it with HR?

I'm retired.

Lawyer's Assistant: Is the employment agreement "at will," union, full time or part time?

Have no employment agreement. I have a TRS retirement in GA

Submitted: 6 months ago.Category: Employment Law
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12/26/2017
Employment Lawyer: Infolawyer, Lawyer replied 6 months ago
Infolawyer
Infolawyer, Lawyer
Category: Employment Law
Satisfied Customers: 62,954
Experience: Licensed attorney helping employers and employees.
Verified
Greetings! I am a legal expert on the site and am working on your question.
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Employment Lawyer: Infolawyer, Lawyer replied 6 months ago
Protected from creditors or something else?
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Customer reply replied 6 months ago
from taxes
Employment Lawyer: Infolawyer, Lawyer replied 6 months ago

I will opt out and open this to a tax expert.

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Employment Lawyer: Edward Young,
 replied 6 months ago
Edward Young
Category: Employment Law
Satisfied Customers: 516
Experience: Principal Attorney at The Law Offices of Edward D. Young, III
Verified

Hi. My name is ***** ***** I am a licensed attorney. I would be happy to provide assistance. Please give me a moment to formulate a response. Also, please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Employment Lawyer: Edward Young,
 replied 6 months ago

Under TRS’s defined benefit plan, you are offered two plans of retirement, Plan A and Plan B. Which plan did you elect?

I assume that you have other income that you are concerned about. What is the source of that other income?

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Customer reply replied 6 months ago
The pension is an annuity--plan A, I think. We have a rather large retirement amount each month, and I want to know if I can shelter any of it.
Employment Lawyer: Edward Young,
 replied 6 months ago

Ok, so this is a tax shelter question. I will get back to you with some options.

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Employment Lawyer: Edward Young,
 replied 6 months ago

Is your wife collecting a pension as well? Are either of you collecting social security? I need to know the source of her pension to calculate how much taxes you owe.

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Customer reply replied 6 months ago
My husband and I both have TRS and social security.
Employment Lawyer: Edward Young,
 replied 6 months ago

Thank you. That clarification helps me.

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Employment Lawyer: Edward Young,
 replied 6 months ago

Are you now having federal income tax withheld from your TRS payments? Do you receive Form 1099R?

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Employment Lawyer: Edward Young,
 replied 6 months ago

If you are 62 or older, or permanently and totally disabled regardless of age, you may be eligible for a retirement income adjustment on your Georgia tax return. Retirement income includes:

  • Income from pensions and annuities
  • Interest income
  • Dividend income
  • Net income from rental property
  • Capital gains income
  • Income from royalties
  • Up to $4,000 of earned income

For married couples filing joint returns with both members receiving retirement income, the maximum adjustment for that year may be up to twice the individual exclusion amount. Retirement income exceeding the maximum adjustable amount will be taxed at the normal rate.

To calculate how much taxes you may owe in Georgia, please go to this website: https://smartasset.com/retirement/georgia-retirement-taxes

I would also recommend that you retain a personal financial planner to help you manage your taxable income through investments and charitable contributions. If you tell me which city in Georgia you live, I can refer you to some highly rated financial planners.

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Customer reply replied 6 months ago
Thank you.
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