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Earned pension and 401k benfits in Ga, lived in Ga. Moved

Earned pension and 401k benfits...
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..
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Answered in 2 minutes by:
10/28/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

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
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified
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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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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
16,581 Satisfied Customers
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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