Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

why am i being pennlized so much after 27 pluse years of good

yearsworkingand total number of...
why am i being pennlized so much after 27 pluse years of good yearsworkingand total number of years paying dues add up to over 80 was rule for early retirment
Show More
Show Less
Ask Your Own Tax Question
Answered in 7 minutes by:
7/19/2013
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,855
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified


Hi,

Could you please attach the document you are responding to?

I would help, but need the details.

Lane

Ask Your Own Tax Question
Customer reply replied 4 years ago


my retirment fund trough the united hood of carpterners/afl cio local 551 /213 houston texas time served year,s of age pluse time servied


I'm sorry, I just don't have enough information to give you informed response...

If you could attach the formula the pension uses, I can help you be sure that they have not miscalculated.

But you will have to provide that information, (but without providing any personally identifying information please)




Usually, the formula is driven by factors such as

(1) highest average yearly earnings (or sometimes it's an average of you last three years)

(2) Years or units of service

(3) age at retirement

And, there is many time a reduction, then, if you are retiring before retirement age, or as part of an early retirement buyout, where you pension agreed to a reduction.



Again, if you can get the applicable documents to me, I can calculate to see whether they are being calculated accurately.


Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,855
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 4 years ago

united brother hood of carptners local union551 fourmaly 213
houston texas zienth administrator fund provider


 


 



OK, give me a little time and let me see what I can dig up.

Lane
Ask Your Own Tax Question
Customer reply replied 4 years ago


ok

Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,855
12,855 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Is it possible to have a pension payment from a previous
Is it possible to have a pension payment from a previous employer moved from my checking account into an IRA where I will not have to claim the money on my taxes in 2018? … read more
abci168
abci168
Principal
27 satisfied customers
I am a pensioner .. If a person deposited a large sum of
Hello - I am a pensioner .. If a person deposited a large sum of money in my bank account and the amount was 15 million legally earned US dollars. What percentage of those funds would be payable to th… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,463 satisfied customers
I get my pension check and social security from san
I get my pension check and social security from san francisco ca if i live in malta how much tax do i have to pay and to witch country … read more
Lane
Lane
JD, CFP, MBA, CRPS
12,855 satisfied customers
I recently applied for death pension for the VA. They denied
I recently applied for death pension for the VA. They denied my helpless child death pension because they said I make too much money. I make $1016 a month in social security. What is the income limit … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,463 satisfied customers
I am a Canadian citizen receiving pension from germany in
Hi, I am a Canadian citizen receiving pension from germany in the amount of 5670 canadian dollars more or less depending on the exchange. Recently, I received a memo on the determination of income tax… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,463 satisfied customers
I worked for Local Government Fayetteville NC and worked
I worked for Local Government Fayetteville NC and worked 23+years and am vested. My husband and I had a business and had a CPA doing our bookkeeping. When we sold business to son our daughter started … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
31 satisfied customers
I'm retired, receiving ss retirement benefits. From this
I'm retired, receiving ss retirement benefits. From this year I receive also social security retirement payments from Slovakia, where I lived and worked until 1986. Question: are these payments fro Sl… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,463 satisfied customers
I started receiving my pension in February. A QDRO was
I started receiving my pension in February. A QDRO was submitted to split my divorced spouse,however, it was flawed and re written and recently approved. I want to disperse to my spouse her portion of… read more
abci168
abci168
Principal
27 satisfied customers
Have a private pension in England but now living in France
Have a private pension in England but now living in France do I have to pay tax to UK and France … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,463 satisfied customers
Church event: Missionaries from a local charitable group
Church event: Missionaries from a local charitable group come to town; we take them to lunch. Deductible? Why/Why not?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
Do I owe taxes on pensions paid from Finland and Germany_
Do I owe taxes on pensions paid from Finland and Germany_ … read more
abci168
abci168
Principal
27 satisfied customers
I have recently been elected president of our local labor
I have recently been elected president of our local labor union and receive $9,500 per year. Do I need to report this as income when if file my yearly taxes? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,463 satisfied customers
I am retired with an income of $12,000/year from a pension a
hi. I am retired with an income of $12,000/year from a pension a d $12,000/year from ss before medicare deduction for a total of 24 000 annual income. I am 67 years old and for the past few years have… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
Mark, how does a gift of equity in 100000 affect local and
Hi Mark, how does a gift of equity in 100000 affect local and state taxation. If you are exempt federally by the lifetime exemption are there state and local taxes that would need to be paid. Also, if… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
I am retired and living on ss & pension. Make 33000 year.
I am retired and living on ss & pension. Make 33000 year. Just sold our home and cleared 9000. Bought the house in 1996 and sold as a ugly home company. What would I owe the IRS. … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Is retirement income from IRA's, 401K's, Pensions, Social
Is retirement income from IRA's, 401K's, Pensions, Social Security etc. taxed by the state of Minnesota? and If so what is the tax rate?… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I retired June 30, 2016. I started receiving pension August
i retired June 30, 2016. I started receiving pension August 2016. How do I file this? Is there a difference in the tax rate for these? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
I retired this year and have a pension and 401k that I
I retired this year and have a pension and 401k that I rolled over to an IRA, I got 1099R forms for both and entered them in the tax as expenses then entered in the IRA column the amount I rolled over… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x