Is My Pension Taxable?
8.2 هزار بار بازدید -
2 سال پیش
-
For most people who (still)
For most people who (still) receive traditional pensions, the payments are fully taxable. But for some pensioners who made after-tax contributions to their pensions, part of their monthly payments are not taxable. This video show you when this can happen, and how to determine the non-taxable portion of your payments if you find yourself in this situation.
0:00 Introduction
0:45 When pensions can be partially non-taxable
3:03 What is the "Simplified Method?"
4:20 Simplified Method Calculations
6:00 Keeping track of Recovered Cost
6:47 Conclusion
To learn more about what's on your 1099R Form, click here: What is a 1099R?
Resources and additional information:
IRS Publication 17: "Your Federal Income Tax": https://www.irs.gov/pub/irs-pdf/p17.pdf
IRS Publication 554: "Tax Guide for Seniors":: https://www.irs.gov/pub/irs-pdf/p554.pdf
IRS Publication 575: "Pension and Annuity Income": https://www.irs.gov/pub/irs-pdf/p575.pdf
IRS Form 1099-R "Retirement Distributions": https://www.irs.gov/pub/irs-pdf/f1099...
The Balance: "Are Pensions and Annuities Taxable?" https://www.thebalancemoney.com/pensi...
The Tax Geek on Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image/Video Sources:
Storyblocks.com
Pexels.com
The Tax Geek
Wikimedia Commons (CC-SA 3.0-4.0)
Farragutful
pedrofuocoandrade
The images of "Edmund" and "Mary" were generated by thispersondoesnotexist.com and any resemblance between these images and any person, living or dead, is incidental and not intended.
Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Audio Library
Outro Music: "Modern Attempt" - Track Tribe via YouTube Audio Library
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.
The information in this video is current as of date of publication, and is subject to changes.
0:00 Introduction
0:45 When pensions can be partially non-taxable
3:03 What is the "Simplified Method?"
4:20 Simplified Method Calculations
6:00 Keeping track of Recovered Cost
6:47 Conclusion
To learn more about what's on your 1099R Form, click here: What is a 1099R?
Resources and additional information:
IRS Publication 17: "Your Federal Income Tax": https://www.irs.gov/pub/irs-pdf/p17.pdf
IRS Publication 554: "Tax Guide for Seniors":: https://www.irs.gov/pub/irs-pdf/p554.pdf
IRS Publication 575: "Pension and Annuity Income": https://www.irs.gov/pub/irs-pdf/p575.pdf
IRS Form 1099-R "Retirement Distributions": https://www.irs.gov/pub/irs-pdf/f1099...
The Balance: "Are Pensions and Annuities Taxable?" https://www.thebalancemoney.com/pensi...
The Tax Geek on Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image/Video Sources:
Storyblocks.com
Pexels.com
The Tax Geek
Wikimedia Commons (CC-SA 3.0-4.0)
Farragutful
pedrofuocoandrade
The images of "Edmund" and "Mary" were generated by thispersondoesnotexist.com and any resemblance between these images and any person, living or dead, is incidental and not intended.
Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Audio Library
Outro Music: "Modern Attempt" - Track Tribe via YouTube Audio Library
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.
The information in this video is current as of date of publication, and is subject to changes.
2 سال پیش
در تاریخ 1401/10/20 منتشر شده
است.
8,284
بـار بازدید شده