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I live in Vermont. I have a pension being a State of Vermont…

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I live in Vermont...

I live in Vermont. I have a pension being a State of Vermont employee. I want to get my social security in 4 months when I’m 62. How much do I pay in taxes with combing both of them

Submitted: 7 months ago.Category: Finance
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Answered in 7 minutes by:
1/16/2018
Financial Professional: Lane, JD, CFP, MBA, CRPS replied 7 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 14,899
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

Bear with me a moment while I type up my response. Then if you have further questions we can go from there.

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Financial Professional: Lane, JD, CFP, MBA, CRPS replied 7 months ago

You'd have to give me numbers (pernsion and social Security amounts) along with your filing status, to answer that question.

...

For those that receive nothing BUT social security, it is not taxed.

...

No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules. If you:

  • file a federal tax return as an "individual" and your combined income* is
    • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
    • more than $34,000, up to 85 percent of your benefits may be taxable.

  • file a joint return, and you and your spouse have a combined income* that is
    • between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits
    • more than $44,000, up to 85 percent of your benefits may be taxable.

  • are married and file a separate tax return, you probably will pay taxes on your benefits.

*Note:

Your adjusted gross income
+ Nontaxable interest
+ ½ of your Social Security benefits
= Your "combined income"

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Financial Professional: Lane, JD, CFP, MBA, CRPS replied 7 months ago

SO if you give me your pension amount, the social security amount, and how you file (married filing jointly, married filing separately, single, etc.) I can give you a specific answer.

....

I'll be here,

Lane

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 14,899
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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