Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

What is the definition of a public pensiom. I have a pension…

Customer Question
What is the definition...

What is the definition of a public pensiom

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I have a pension from a defined benifit plan from a private company.. I want to take out a down payment for a home to retire in we rent now. How is that taxed in Massachusetts. And what is a public pension which is not taxed

Accountant's Assistant: Is there anything else the Accountant should be aware of?

N

Submitted: 4 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
11/29/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,575
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***** am reading over your inquiry. I will respond to you shortly.

Ask Your Own Tax Question
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

Q: what is the definition of a public pensiom

A: Massachusetts public pensions are the state mechanism by which state and many local government employees in Massachusetts receive retirement benefits.

REFERENCE SOURCE:

https://ballotpedia.org/Public_pensions_in_Massachusetts

I am checking on the taxation of the defined pension. I will get back to you shortly. Thank you for your patience.

Ask Your Own Tax Question
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

Q2: How is that taxed in Massachusetts.

A2: The distributed amount will likely be taxed as ordinary income. Income from most private pensions or annuity plans is taxable in Massachusetts. Certain government pensions, however, are exempt under Massachusetts law. In general, exempt pensions include contributory pensions from the U.S. Government or the Commonwealth of Massachusetts and its political subdivisions, and noncontributory military pensions. Below are some specific pensions which are exempt under Massachusetts law.

*Note: Massachusetts does not tax Social Security income; therefore, you should not report such income here.

* Pension income received from a contributory annuity, pension, endowment or retirement fund of the U.S. Government or the Commonwealth of Massachusetts and its political subdivisions

REFERENCE SOURCE:

https://www.taxslayer.com/support/771/massachusetts-exempt-pensions-and-annuities

------------------------------------------

I am checking on obtaining more specific info for you for relating to defined benefit plans.

Ask Your Own Tax Question
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

The chart found at the following link shows information about various retirement plans and whether the distribution is taxable. The chart does not specifically have a category titled as defined benefit plan, but it does seem to cover retirement plans in general and shows if the distribution is taxable or not. Hopefully this helps.

http://www.mass.gov/dor/individuals/filing-and-payment-information/guide-to-personal-income-tax/massachusetts-income/retirement-plan-contributions-and-distributions.html

-----------------------------------

In closing, my goal is to provide you with the best experience possible! Hopefully, the service that I have provided has earned a 5-star rating! Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave today. Thank you in advance. If you require further assistance, use the reply box and let me know.

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: 4,575
4,575 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

4,451 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 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
IRS Tax Question: What are the retirement plan options for
IRS Tax Question: What are the retirement plan options for somebody with an S-Corp where they are the sole employee? What happens when the decide to hire employees? Please provide very good IRS refere… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,954 satisfied customers
Is military retirement income taxable in the state of
Is military retirement income taxable in the state of Hawaii . I asked this question before and was told that military retired pay was not taxable in Hawaii.what's your opinion?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 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
4,575 satisfied customers
Are military retirement and FERS retirement exempt from
Are military retirement and FERS retirement exempt from wisconsin state taxes? … read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,575 satisfied customers
If a person did not file income tax for 4 years and then
If a person did not file income tax for 4 years and then passed away, can the taxes be legally filed after death? … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,451 satisfied customers
Topic: tax law Probate law. deceased person received $$ in
Topic: tax law Probate law. deceased person received $$ in 2017, (reissued check) which was initially a check dated 2015 and reported on a w-2 in 2015 and related federal taxes were withheld on the w-… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,080 satisfied customers
I have 2017 Disaster Retirement Plan Distribution from IRA
I have 2017 Disaster Retirement Plan Distribution from IRA in the amount of $22,769.00. Due to Tax relief for victims of disaster, I chose to pay 1/3 of the amount ($7589.00) and I got taxed on that a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is a required minimum distribution considered a pension
Is a required minimum distribution considered a pension payment? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I am a retired California pension recipient living in
Hi - I am a retired California pension recipient living in Hawaii. I have two pension sources - one from San Francisco and one from San Diego. The San Diego 1099R designates $34,993.91 as taxable (box… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
OH State income tax - Schedule A - personal tax return line
OH State income tax - Schedule A - personal tax return line 31. 1. What is the difference between "survivorship benefits" and "pension continuation benefits"? * New client for me. * OH resident * Spou… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,954 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
4,575 satisfied customers
Retirement/Plan Tax Question: Taxpayer has an LLC consulting
Retirement/Plan Tax Question: Taxpayer has an LLC consulting partnership. TP also has been and continues to be a W2 employee (minister) of large well-established denomination. TP's LLC is related, but… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
IRS says for State and local taxes on 1099 misc income given
Second opinion] IRS says for State and local taxes on 1099 misc income given to contractor. If the sales taaxes are imposed on you as a buyer and collected from you by the service provider, do not rep… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
828 satisfied customers
Wife and I file jointly and are retired with pensions from
Wife and I file jointly and are retired with pensions from State of NJ. Also have unearned income such as dividends etc. No earned income. If we move from NJ to SC in 2018 in middle of year and claim … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
938 satisfied customers
IRS says for State and local taxes on 1099 misc income given
IRS says for State and local taxes on 1099 misc income given to contractor. If the sales taaxes are imposed on you as a buyer and collected from you by the service provider, do not report the sales ta… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 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
Does New York State Taxation notify the IRS about individual
Does New York State Taxation notify the IRS about individual audits … read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,575 satisfied customers
How do you calculate the state income tax, the local income
Hello, how do you calculate the state income tax, the local income tax, and the federal income tax withheld? For the local income tax, do just multiply the state wages by the county tax rate? For exam… 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