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I am presently retired and receive a pension from the State…

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I am presently retired...

I am presently retired and receive a pension from the State of MA although i live in CT. My wife is planning on retiring in June of 2018 and will receive a pension from the state of CT. I also receive social security and annual payouts from my 403B. Since my wife is a teacher in CT she has not paid into social security for 20 years and will receive very little in social security, if anything. The only withholding that CT takes is from my wife's salary and eventually her pension, yet CT state income tax is based upon our combined Federal AGI. Consequently, the amount withheld by CT does not meet our annual tax. For 2016 we were fined by CT because our quarterly withholding

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

My question is whether it would be to our benefit to file separate, federal and state income taxes.

Submitted: 4 months ago.Category: Tax
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Answered in 12 minutes by:
12/8/2017
Tax Professional: Lev, Tax Advisor replied 4 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,736
Experience: Taxes, Immigration, Labor Relations
Verified

In most situations - filing separate tax returns will result larger tax liability.

To be precised - you would need to prepare your tax returns both ways and compare.
If you are using any tax preparation software or a tax preparer - there must be an option to compare options - MFJ vs MFS - without actually additional preparation.

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Tax Professional: Lev, Tax Advisor replied 4 months ago

.

Regarding your withholding - because you are a resident in CT - your pension and 403b distributions are ONLY taxable in CT and not taxable in MA.

What you may do to cover your CT tax liability - first step to estimate your liability (you may use prior year tax return for that) and second - you increase your withholding (or your spouse's withholding if you file jointly) - so that will approximately match your expected liability.

This way you may avoid payments of estimate taxes.

Let me know if you need any help with that.

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