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Tax is based on the state of your residence. I moved from NY to NC and now my pension is taxed.
Yep, Every State is unique, some do, some don't. NY surprisingly treats you well if you keep your address in NYS.....Last year I paid Zero income taxes in NY...Of Course I paid lots of real estate taxes, etc in NY....
whats the NY state pension plans like for someone who wants to work a state job now? lets say for someone who works an office job doing accounting or finance?
Yep, Every State is unique, some do, some don't. NY surprisingly treats you well if you keep your address in NYS.....Last year I paid Zero income taxes in NY...Of Course I paid lots of real estate taxes, etc in NY....
And in any state that does not charge state taxes for a state pension, federal pensions cannot be taxed by the state either.
whats the NY state pension plans like for someone who wants to work a state job now? lets say for someone who works an office job doing accounting or finance?
It sucks. Tier 6 requires contributions for your entire career, 3-6% depending on your salary. 10 years to become vested. Each year worked equals about 1.66% of your top 3 or 5, (idr) consecutive earning years and only a small portion of OT can be included in the earnings calculations. So, if you put in 20 years, you'll get about 1/3 of your salary.
I mean, it's better than nothing but ...
Yep, Every State is unique, some do, some don't. NY surprisingly treats you well if you keep your address in NYS.....Last year I paid Zero income taxes in NY...Of Course I paid lots of real estate taxes, etc in NY....
I live in NJ and get a NYS pension. Jersey taxes the NYS pension. It's a substantial enough hit.
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