Ask Terry Questions retirement

retirement

By Terry Savage on July 03, 2023 | Financial Planning / Retirement

Stopped working in May, bad situation with company 35 years at same company.
collecting a pension, how much tax should I have taken out of the pension check,
Pension not that big , picked the option if I die first my wife gets the same amount,
only $425 dollars,

Terry Says

Are you also collecting Social Security? That could impact the total amount of income, and impact taxation of your Social Security benefits. Is your wife still working? And if you’re filing a joint return, that would impact potential taxation of your pension.
So contact a tax preparer and list your total amount of expected earnings in 2023, and he/she can tell you how much to have withheld from your pension check for taxes.

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