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How are pensions taxed and penalized?
Posted on 1/7/16 at 9:30 pm
Posted on 1/7/16 at 9:30 pm
Same as IRA?
This post was edited on 1/7/16 at 9:31 pm
2
Posted on 1/8/16 at 12:06 am to LSU6262
If you mean a qualified retirement pension from a corporation, they are usually taxed as regular income for federal and state. Some states do not tax them up to a certain level if the recipient is above a certain age, they are not subject to payroll taxes. Being penalized, no idea.
Posted on 1/8/16 at 12:26 am to LSU6262
I think once you hit the rule of 85 you are good to go with your pension - as for receiving pension / retirement payments without a penalty.
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