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Old 01-27-2019, 01:53 PM
 
2,472 posts, read 6,292,957 times
Reputation: 2196

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Quote:
Originally Posted by MrGompers View Post
In cases like this its best to ask for written proof or at least where you can look up the new law. I have not heard of this, but that doesn't mean its not true.


FWIW, you should always be filing tax returns (at least at the Fed level) even if you don't owe taxes because its the best way to verify your income should you need to do that in the future.
I can verify income with tax forms.
I just looked at Ct Revenue site which shows a lot of unhappy pensioner's being told with holding tax has to be with held or the pension provider will be required to with hold 6.9 per cent,wonderful free country.
With my pension well below poverty $24,000 I do not pay taxes nor file,the government see's this thru forms submitted.
Still not right that I have to file to get my $60 back.
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Old Yesterday, 07:36 AM
 
1 posts, read 81 times
Reputation: 10
This is Kiplinger's article today. They certainly did an about face since January!

50 Best Places to Retire in the U.S. 2018
Niantic, Conn.


Population: 3,042
Share of population 65+: 29.5%
Cost of Living: 24.7% above the national average*
Average Income for Households 65+: n/a
Community Score: n/a
State's Tax Rating for Retirees: Least Tax Friendly
Two hours from both Boston and New York City, Niantic offers a quiet and cozy retirement destination. The small town on the Long Island Sound covers only 3.5 square miles, but it still offers many attractions for retirees. Being a seaside village, Niantic has ample opportunities for water activities. The Niantic Bay Yacht Club hosts numerous sailboat races throughout the summer.
The coast of Connecticut is known to be a high-cost area. Niantic is no exception, but it's more affordable than other nearby places, such as better-known Mystic. For example, the median home value in Niantic is $283,000—pricey, but more affordable than the Mystic median of $404,900, according to the U.S. Census Bureau.
*Provided by Sperling's Best Places.
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Old Yesterday, 07:51 AM
 
Location: Connecticut
25,665 posts, read 41,581,558 times
Reputation: 7541
Quote:
Originally Posted by LI Retiree View Post
This is Kiplinger's article today. They certainly did an about face since January!

50 Best Places to Retire in the U.S. 2018
Niantic, Conn.


Population: 3,042
Share of population 65+: 29.5%
Cost of Living: 24.7% above the national average*
Average Income for Households 65+: n/a
Community Score: n/a
State's Tax Rating for Retirees: Least Tax Friendly
Two hours from both Boston and New York City, Niantic offers a quiet and cozy retirement destination. The small town on the Long Island Sound covers only 3.5 square miles, but it still offers many attractions for retirees. Being a seaside village, Niantic has ample opportunities for water activities. The Niantic Bay Yacht Club hosts numerous sailboat races throughout the summer.
The coast of Connecticut is known to be a high-cost area. Niantic is no exception, but it's more affordable than other nearby places, such as better-known Mystic. For example, the median home value in Niantic is $283,000—pricey, but more affordable than the Mystic median of $404,900, according to the U.S. Census Bureau.
*Provided by Sperling's Best Places.
You mean there is a retirement rating that goes beyond tax burden and actually considers more important things like access to quality healthcare, access to cultural activities and services??? I personally find Old Saybrook to be better for retirees but Niantic is very nice too. Jay
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Old Yesterday, 08:24 AM
 
Location: Coastal Northeast
16,373 posts, read 22,770,669 times
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Quote:
Originally Posted by JayCT View Post
You mean there is a retirement rating that goes beyond tax burden and actually considers more important things like access to quality healthcare, access to cultural activities and services??? I personally find Old Saybrook to be better for retirees but Niantic is very nice too. Jay
I didn’t read the article but where does it mention healthcare?
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Old Yesterday, 08:49 AM
 
Location: Connecticut
25,665 posts, read 41,581,558 times
Reputation: 7541
Quote:
Originally Posted by kidyankee764 View Post
I didn’t read the article but where does it mention healthcare?
The article mentions access to healthcare which should be a top priority for anyone considering a move for retirement. Jay
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Old Yesterday, 03:37 PM
 
2,472 posts, read 6,292,957 times
Reputation: 2196
Quote:
Originally Posted by JayCT View Post
Just to clarify the income tax on Social Security and pensions, you only pay that if your income is over $50,000 for a single filer and $60,000 filing jointly. Check the link below for more information. I know many retirees here who after deductions pay nothing.

Also know that some communities provide property tax relief for retirees. Below is a link to the program and several of the towns recommended here are listed on it. I would still confirm this with the town directly though to be certain you qualify. Jay

https://portal.ct.gov/DRS/Publicatio...e-Tax-Purposes

https://www.cga.ct.gov/2012/rpt/2012-R-0222.htm
Hello Jay,you mention not paying taxes,I am below the $24,000 exemption and have not paid taxes in years as a retiree.I worked with Bell for 34 years and was shoved into Lucent as a retiree and good old CT forced me into with holding in 2018 because Nokia/Lucent does not have a way of using CT-W4p number 2 for exemption,so I have $55 with held,the default exemption on with holding if you tried to use zero is $95 per month.
When I tried to push issue they said Nokia does not accept paper.Lucent pension is a separate enity from Nokia.I have emailed Senator Kissel about this,doing simple taxes with DRS after not doing them is not fun,a pain.
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Old Today, 12:13 PM
 
13,204 posts, read 6,932,627 times
Reputation: 24327
Quote:
Originally Posted by DanBev View Post
Hello Jay,you mention not paying taxes,I am below the $24,000 exemption and have not paid taxes in years as a retiree.I worked with Bell for 34 years and was shoved into Lucent as a retiree and good old CT forced me into with holding in 2018 because Nokia/Lucent does not have a way of using CT-W4p number 2 for exemption,so I have $55 with held,the default exemption on with holding if you tried to use zero is $95 per month.
When I tried to push issue they said Nokia does not accept paper.Lucent pension is a separate enity from Nokia.I have emailed Senator Kissel about this,doing simple taxes with DRS after not doing them is not fun,a pain.

So what happens if you withhold zero and just send in quarterly estimated state tax? There are plenty of pensions out there that won't do CT withholding. Any Massachusetts state & local employee pension, for instance. I don't think New York will do it, either. Those pensions are tax-exempt in those states.
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Old Today, 03:42 PM
 
2,472 posts, read 6,292,957 times
Reputation: 2196
Quote:
Originally Posted by MrGompers View Post
That doesn't sound correct, if it was true other towns wouldn't have received money for the tax relief program either. I don't see why or how the state could exclude Enfield specifically. I would try to speak to someone in the mayor's office or go to a town council meeting. You may be running into an employee that doesn't know what they are doing and/or flat out doesn't care.


As for the pension issue neither CT nor the Fed Govt allows people to be "tax exempt" Some tax has to be with held even if its a small amount. If you do not choose an amount the max will be chosen for you. That's why your provider said they would with hold 6.75%.


Years ago people could be "tax exempt" when filling out their W-2 there was an option for "tax exempt" or something with similar wording. This mostly applied to low income earners especially teens with part time jobs. I remember being "tax exempt" when I was a teenager and didn't have any Fed tax with held from my paychecks.
The reason for 6.75 is if you use 0,Ct wants a 2 which is not possible for exemption,software not there.As for form,service center said Nokia does not accept paper.
Imagine being 86 and having to do this with holding each year till death,stupid.
I manually put in $5 and will change it to $1.
.My annuity has not changed one penny since1988.
If you read the CT DRS site,in plain site it say's if you are under $24,000 you do not have to file income tax.I have not filed in the past 3 years state and not filed federal for many,many years.My 1099R federal shows $0 with held and CT $55.
Nokia bought out Lucent and the Lucent pension fund was inherited from AT&t,for Nokia a separate enity,however you spell it,
For past year I received $250 and letter said next year was questionable.
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