Rolling over a pension to an IRA: to do or not to do?
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As for taxes, no state taxes SS benefits, and pension income of < $3k is not going to be taxed enough to worry if it's taxed at all. The feds only tax SS benefits if your pension and other income is over a minimal threshold that's considerably higher than $2760 a year. In other words, this small pension isn't going to force you to pay more in taxes.
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Although this is just a minor side issue here, I do believe there are a few states which tax SS benefits. I'm too much in a hurry to look it up right now, but some people delight in that and I'm sure someone will come along and confirm that one of us is right.
As for taxes, no state taxes SS benefits, and pension income of < $3k is not going to be taxed enough to worry if it's taxed at all. The feds only tax SS benefits if your pension and other income is over a minimal threshold that's considerably higher than $2760 a year. In other words, this small pension isn't going to force you to pay more in taxes.
Where did you hear that? Last I saw, roughly 25% of states tax Social Security benefits (depending upon your overall income, of course). MN, NE, ND, RI, VT, & WV all tax Social Security under exactly the same circumstances and criteria as the feds do. Several other states tax it if your overall income reaches certain higher thresholds.
Although this is just a minor side issue here, I do believe there are a few states which tax SS benefits. I'm too much in a hurry to look it up right now, but some people delight in that and I'm sure someone will come along and confirm that one of us is right.
I am currently more than $2400 under the 100% federal poverty level and am in no danger of paying taxes although that extra $2760/year will likely put me just over that line.
Where did you hear that? Last I saw, roughly 25% of states tax Social Security benefits (depending upon your overall income, of course). MN, NE, ND, RI, VT, & WV all tax Social Security under exactly the same circumstances and criteria as the feds do. Several other states tax it if your overall income reaches certain higher thresholds.
I looked you have it right. I am not sure if we can see it but here goes.
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