Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

My company pension was bought out in 2016 so I had a high…

Customer Question
My company pension was...

My company pension was bought out in 2016 so I had a high income and tax in 2016. I am told I will have a reduction in my social security in 2018 as a result. What do we call that reduction and where do I find information about it?

Submitted: 8 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 hours by:
9/7/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 8 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,641
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified

Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

Q: What do we call that reduction and where do I find information about it?

A: It is referred to the Government Pension Offset Provision. You can read about it at the following link;

https://www.ssa.gov/pubs/EN-05-10007.pdf

For other reading resources on the matter, you can refer to the following links;

https://www.fool.com/investing/general/2014/08/29/will-my-pension-cut-my-social-security-payments.aspx

http://www.aarp.org/work/social-security/info-05-2012/will-pension-lower-social-security-benefit.html

Let me know if you require further assistance with this matter. If not, I ask that you be so kind as to scroll to the top of the page and select 3 or more stars to positively rate my response so that I can receive credit for assisting you. Thank you in advance.

Ask Your Own Tax Question
Was this answer helpful?
Ask Tax.appeal.168 Your Own Question
Tax.appeal.168
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,641
4,641 Satisfied Customers
Experience: 3+ decades of varied tax industry exp. Tax Biz owner

Tax.appeal.168 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

1,338 satisfied customers

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

Richard

Richard

Tax Attorney

4,495 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 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.

< Previous | Next >

Related Tax Questions
Are SREC's (Solar Renewable Energy Credits) taxable income?
are SREC's (Solar Renewable Energy Credits) taxable income? What if you have not yet finished payments on your solar panels? … read more
taxmanrog
taxmanrog
Master\u0027s Degree
935 satisfied customers
The federal government gives you a tax credit for foreign
The federal government gives you a tax credit for foreign taxes paid in another country Does New York State offer a tax credit for the same If yes , where would it be found, on what form… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
New Jersey denied my earned income child tax credit but the
New Jersey denied my earned income child tax credit but the federal gave it to me. Will the state(New Jersey) tell the fed I was denied after the fed all ready gave it to me … read more
Carter McBride
Carter McBride
LLM
1,052 satisfied customers
Looking for estimated tax rate for 500,000 income in 2017.
looking for estimated tax rate for 500,000 income in 2017 … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,495 satisfied customers
A quick? Received a notice of credit for income tax
Good afternoon. A quick ? Received a notice of credit for income tax purposes. Notice says if we declared amt of disability as income on prior years taxes. And we did. We now can show that as an. Offs… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
My child receives pension benefits due to wife passing away.
My child receives pension benefits due to wife passing away. These benefits are then put into a UTMA account. I know a return is filed for my child because of this unearned income but does he have to … read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
I have clients that only have pension income and Social
I have clients that only have pension income and Social Security some just rent and some are home owners do they still have to file their taxes… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
A client of mine lives in but works for the Government and
A client of mine lives in Virginia but works for the Government and his W-2 shows Illinois income tax withheld. He is only there because government wants him to be there. There he lives in an apartmen… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
If I receive a pension from the British government earned
If I receive a pension from the British government earned during the years I lived and worked there and I leave the money in the UK, must I pay us tax on it? … read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,641 satisfied customers
My income is SS and a pension from Canada. Do I have to
My income is SS and a pension from Canada. Do I have to file? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have Canadian pension income from the Canadian arm of my
I have Canadian pension income from the Canadian arm of my former employer (NOT a Canadian government pension equivalent to U.S. Social Security or a distribution from a Canadian Registered pension pl… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
My income from SS and annuity and two Very small pensions
My income from SS and annuity and two Very small pensions equal about $30,000 a year. Do I pay taxes on all this income? … read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,641 satisfied customers
My adjusted gross income is $13,539. $8560 from a pension
My adjusted gross income is $13,539. $8560 from a pension from my ex-husband, $14204 from SS and $4706 from a bank I retired from which I will no longer be receiving. Do I need to pay taxes on my Soc … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Are Non-Service-Connected Pension benefits for Veterans
Are Non-Service-Connected Pension benefits for Veterans taxable income … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
In Georgia State Income tax exempts pensions from tax up to
In Georgia State Income tax exempts pensions from tax up to $65,000 but it does not double it for married couples filing jointly. Our (my) pension income is $125,000 and we pay GA tax on $60,000. Can … read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,641 satisfied customers
I'm a retired government employee with a pension. I am
I am getting hit with full federal taxes as if I were working, is this the way its supposed to work out … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What would the rate of capital gains tax on income property
what would the rate of capital gains tax on income property held for 25 years by an owner who of late had and will have income of less than20,oooIt is also my understanding we (my brother and I) are e… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
My employer only pays 70% of government mileage rate.....on
My employer only pays 70% of government mileage rate.....on what form can I claim the rest? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 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