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I am writing with a TAX question. On 10/24/2018 I will be…

I am writing with a...
I am writing with a TAX question.
On 10/24/2018 I will be 62. I (hopefully) will be able to collect from 2 different sources.
1) Civil Service Retirement System (CSRS) After 27 years in the post office. 1974-2001.
2) Social Security (SSA) Working seperate from the post office. 2002-present.
What I need to know is when receiving these pensions, will I be taxed.
Note: I am interested in information on 3 states. This will help me decide whether or not to move to NC or FL or stay in CT. In you kindness, please be as simple as possible. Yes or no answers are totally acceptable.
Retirement Income Tax..............
CT: CSRS....federal? State?
CT: SSA...federal? State?
NC: CSRS....federal? State?
NC: SSA... Federal? State?
FL: CSRS...federal? State?
FL: SSA...federal? State?
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Answered in 1 hour by:
3/9/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,221
Experience: 15years with H & R Block. Divisional leader, Instructor
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NC

SSA benefits are not taxable.

Because of legislation enacted in 2013, previous tax breaks for pensions for both government and private employees have been eliminated starting in 2014. However, standard deduction amounts have increased to $15,000 for married filing jointly, $12,000 for head of household, and $7,500 for single/married filing separate.

A tax break known as the "Bailey exemption" remains despite the elimination of previous tax breaks; this tax break exempts from taxation certain retirement benefits received by a state or federal government retiree, if the retiree had five or more years of creditable service as of August 12, 1989. Railroad Retirement income is not taxed.

FL

No state income tax

CT

All out-of-state government and federal civil-service pensions are fully taxed.

Social Security is exempt for individual taxpayers with federal adjusted gross income of less than $50,000 and for married taxpayers filing jointly with federal AGI of less than $60,000.

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Customer reply replied 4 months ago
I assume that CSRS pensions are taxed in FL?

Florida has no state income tax on an individual taxpayer. There is no filing there is no paying. There is no tax.

There is still federal tax on residents of Florida but no state tax.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,221
Experience: 15years with H & R Block. Divisional leader, Instructor
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