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Hello and thank you for using Just Answer,In Arkansas,Social Security is exempt, as are VA benefits, Workers’ Compensation, Tier 1 and Tier 2 Railroad Retirement benefits, and unemployment compensation. Up to $6,000 in military, civil service, state/local government, and private pensions are exempt. So you would receive all your SS plus your the first $6000 of your pensions (each) would be exempt from taxes in Arkansas. That would leave $28800 of income that would taxable to Arkansas.Some of your SS would be taxable to Federal (based on today's calculations) that would mean that your total pensions ($48800) plus $27420 of your SS payments would be taxable income.
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Thank you for your response.
Thank you for your response. Now, I have, under todays tax laws, $28,800 is taxable in Arkansas and $76,220 by the Federal government. What is my take home?
Neither generally withhold unless you request. Are you asking me what your tax liability would be then on the taxable income?
The tax liability in Arkansas would be estimated at $1780The federal tax liability would be estimated at $8000
Please remember these amounts are very crude estimates because 3 years in the future is too far to estimate a tax liability for federal or state.
I recognize this is just an estimate and appreciate your response. Who knows what will happen in the next 3 years.