Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Question- what states out there do not tax retirement pensions? In particular, I was wondering if Georgia, Tennessee, North Carolina and Kentucky do so?
EXEMPTIONS FOR RETIREMENT INCOME
Social Security is exempt. At least $4,000 in exclusions for pensions from federal, state and local governments (depending on dates and length of service); an exemption of up to $2,000 for qualified private pensions, including IRAs. Out-of-state government pensions also qualify for the $4,000 exemption. State retirees with at least five years of creditable service as of August 12, 1989, will be permanently exempt from state income tax on their retired/retainer pay; the same applies to military pensioners.
Question- what states out there do not tax retirement pensions? In particular, I was wondering if Georgia, Tennessee, North Carolina and Kentucky do so?
North Carolina it depends on the source of the pension. Some are not taxed at all and others the first 4K is not taxed.
Only a minority of states tax Social Security retirement benefits. The few that do can be found on the two websites already provided by earlier posters. Even California, a high tax state, does not tax Social Security. But Calif. does fully tax all non-Social Security pensions as ordinary income, whether government or private.
Kentucky has a pension state tax exclusion of up to $41,110 for military, civil service, state/local government, qualified private pensions, and annuities. Kentucky does tax social security however.
Often it makes a diff WHO the pension check is from. Military, State, federal and municipal pensions are usually the ones which qualify for special treatment. So this info is needed for an accurate evaluation.
Often it makes a diff WHO the pension check is from. Military, State, federal and municipal pensions are usually the ones which qualify for special treatment. So this info is needed for an accurate evaluation.
In this situation, it would be my state pension and my wife's federal pension
Question- what states out there do not tax retirement pensions? In particular, I was wondering if Georgia, Tennessee, North Carolina and Kentucky do so?
One thing about North Carolina - If you have a federal pension and had at least 5 years of service by Aug 12, 1989...you qualify for the "Bailey exemption." You don't have to pay any state income tax on that pension.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Here is another site with information
