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Old 04-09-2017, 05:21 AM
 
486 posts, read 287,724 times
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I will be retiring from nys also and moving to NC. I believe both state and federal will be taxed from my pension. If someone knows something i dont, please let me know. Thx
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Old 04-09-2017, 05:27 AM
 
486 posts, read 287,724 times
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Am i reading these responses correctly? I thought i read in my research that my NYS retirement will be taxed once i move to NC. Please advise. Ty
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Old 04-09-2017, 09:45 AM
Status: "North of Palm Trees, South of High Taxes" (set 5 days ago)
 
Location: Noth Caccalacca
5,592 posts, read 6,690,604 times
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Quote:
Originally Posted by rm10269123 View Post
Am i reading these responses correctly? I thought i read in my research that my NYS retirement will be taxed once i move to NC. Please advise. Ty
Ty - Unfortunately it will be taxed! Basically, only Federal pensions and in-state NC pensions that were vested in the relevant time period are eligible for the Bailey Exclusion. Depending on how big your pension is, you could end up getting schlonged by NCs higher income tax rate. I have several friends who retired with very sizeable pensions ($80,000+) from Long Island who found out about NCs high state income tax rate the hard way! Whatever savings they realized from the high property taxes they paid, were offset by the high NC income tax rate they pay here. You must state-shop carefully to minimize your taxes.

I was all set to move to Ft. Mill SC, when I found out about the Bailey Decision. That's how I ended up in Monroe! It has saved me thousands. But for many people with taxable pensions, SC and other states may be cheaper than North Carolina. Do your research carefully!
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Old 04-09-2017, 10:09 AM
 
486 posts, read 287,724 times
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My pension is not much at all. I will be leaving nys with a $42,000/yr salary and a 24% reduction because ill be retiring after only 20 years. Hopefully it will be to my benefit and they wont tax the crap out of me.
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Old 04-11-2017, 05:47 AM
 
Location: Salisbury,NC
10,560 posts, read 4,409,775 times
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About 6% with a deduction of 8000.00/dependent
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Old 04-11-2017, 06:29 AM
 
6,800 posts, read 4,429,472 times
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Originally Posted by Boss View Post
About 6% with a deduction of 8000.00/dependent
To whom are you responding? The OP from 2007?
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Old 04-11-2017, 09:26 AM
 
486 posts, read 287,724 times
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[quote=Boss;47803491]About 6% with a deduction of 8000.00/dependent[/QUOT

What does this mean im confused? We have no dependents
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Old 04-11-2017, 03:31 PM
 
Location: Conway
711 posts, read 589,899 times
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Quote:
Originally Posted by TheEmissary View Post
Ty - Unfortunately it will be taxed! Basically, only Federal pensions and in-state NC pensions that were vested in the relevant time period are eligible for the Bailey Exclusion. Depending on how big your pension is, you could end up getting schlonged by NCs higher income tax rate. I have several friends who retired with very sizeable pensions ($80,000+) from Long Island who found out about NCs high state income tax rate the hard way! Whatever savings they realized from the high property taxes they paid, were offset by the high NC income tax rate they pay here. You must state-shop carefully to minimize your taxes.

I was all set to move to Ft. Mill SC, when I found out about the Bailey Decision. That's how I ended up in Monroe! It has saved me thousands. But for many people with taxable pensions, SC and other states may be cheaper than North Carolina. Do your research carefully!
THis is exactly why I'm here in South Carolina. More senior friendly. We moved from Virginia almost four years ago. Originally from Albany NY. We love the South!
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Old 05-01-2017, 11:13 AM
 
4 posts, read 1,792 times
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I am receiving a Federal pension and qualify for pension exemption under Bailey vs NC as I started federal service on 8/9/81. The elementary school by me is in dire need of part-time school bus drivers (3 hrs./day max) and I wanted to know if my NC pension exemption would be in jeopardy if I took the part-time position. I searched the net, but couldn't find any info concerning it. Thanks for any help on this.
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Old 05-01-2017, 11:23 AM
 
6,800 posts, read 4,429,472 times
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Originally Posted by Hokie76 View Post
I am receiving a Federal pension and qualify for pension exemption under Bailey vs NC as I started federal service on 8/9/81. The elementary school by me is in dire need of part-time school bus drivers (3 hrs./day max) and I wanted to know if my NC pension exemption would be in jeopardy if I took the part-time position. I searched the net, but couldn't find any info concerning it. Thanks for any help on this.
My advise would be to contact the NC Dept. of Revenue.
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