Pension

I recently retired. I receive a small monthly pension. My total pension is a little more than $6000 a year. I have no other pension. I have a new job with reportable income. I am single and claim only myself. I just received my first pension check and the IRS did not withhold any tax. I authorized the IRS to withhold on the W-4P form. I have gone over the W-4P form again and I am confused. Is this small pension tax free or should I resubmit and request that a certain amount should be withdrawn each month? Thanks Keith

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.

Pension Payable To Ex

I share part of my pension with ex wife can I claim this amount and were would I put it on tax form?

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.

Pension Payouts and Divorce

by Candi
(NC)

My husband and I divorced in January 2002. As part of our divorce decree, I was awarded 50% of his monthly pension when he reached the age of 45. Also as part of the divorce decree, I was the sole beneficiary of his pension funds should he die. I was married to him from the first day he was part of the pension plan to the time he took early retirement in 1999.

In July 2006 he passed away. All funds came to me in a lump sum but I was taxed higher because we weren't married at the time of his death. The government took over $50,000 of these funds. Is this accurate? We were married for 20 years and only divorced for 5 1/2 years.

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.


Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you each month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.


Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.


Like Bookkeeping-Basics.net?