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What Should I Be Aware of at Retirement?

 
 
 
 
How we can help
 
  
If you take a new job after retirement we can make sure you are having enough tax taken out of both your job and your retirement checks.  All we need is an idea of how much you are earning at the new position and also how much your monthly retirement check is.  You might also have to make quarterly state estimates depending on the rules in your state of residency.
  
The states that do not tax Federal Law Enforcement pensions are:  AL, HI, IL, KS, LA, MA, MS, NY & PA.  These are in addition to states that have no income tax: AK, FL, NV, NH, SD, TN, TX, WA & WY.  You will not pay ANY income tax on your pension in any of these states.  If you live in any other state you will incur some amount of state tax liability.
  
If you will be fully retired we can also make sure that you have enough tax being taken out to cover the tax liability on your retirement income.  We will also discuss any state tax liabilities that you might incur.
  
Also if you need any other type of tax planning, you can contact us with any questions relating to your retirement.
  
  
  
What we will need at tax time
  
  
You will get a 1099-R form in January that will show the total amount of pension funds that you received in the past year.  This will look similar to a W-2, and we will need this to prepare your tax return.
  
Also we MUST have your final paystub from your old job so we can get your lifetime total of all the money that was deducted out of your pay towards your pension. (Retirement deductions this appointment)
  
  
  

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