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I am retiring from the state of New Jersey in October and I

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have worked for 31 years...
I am retiring from the state of New Jersey in October and I have worked for 31 years. I will receive 3690.14 monthly before taxes. I was wondering how much they will take out for taxes?
Submitted: 2 years ago.Category: Tax
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Answered in 6 minutes by:
7/20/2015
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,254
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello and thanks for trusting me to help you today. I am a tax adviser with over 20 years of experience.
Unless you tell the state to stop or change your withholding on the pension, the same designation you had for your wages (as far as your W4 showed) will continue for your pension.
There will not be any SS or Medicare withheld though.
You can complete a NJ-W-4P form to change your withholding or request they completely stop withholding.
To tell you how much they will withhold depends on what your current W4 designation is (filing status and exemptions).
FREE EXTRA INFORMATION FOR YOU
To help you make a choice on your withholding:
If you do not live in New Jersey, your pension is not subject to New Jersey State income tax. If you live in New Jersey, your pension is taxable when you have recovered in retirement checks an amount equal to your total contributions to the pension plan.
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
If you need me to estimate what your tax liability would be please let me know.
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Customer reply replied 2 years ago
Yes that would be great!
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Be happy to. Please tell me your age, filing status, all income (spouse too if joint filer) listed per source and dollar amount
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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,254
16,254 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

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