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I favor 100% taxation of Social Security and pension benefits. That will prevent people from complaining when it's only partially taxed.
intercst
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Recommendations: 0
By "pension" do they also include IRA, Roth IRA, 401K, and 403b withdrawals or do they mean only something like a check which a company or gov't entity pays directly to the recipient?
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Recommendations: 0
BlueGrits asks,
By "pension" do they also include IRA, Roth IRA, 401K, and 403b withdrawals or do they mean only something like a check which a company or gov't entity pays directly to the recipient?
They usually mean a defined benefit pension.
I'm not aware of a state with an income tax that excludes IRA/401k withdrawals from taxation.
intercst
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Recommendations: 0
I'm not aware of a state with an income tax that excludes IRA/401k withdrawals from taxation.
intercst
New Jersey allows a pension exclusion (including IRA withdrawals) of up to $10,000 if you're over 62 or if you're disabled, and your gross income is not more than $100,000.
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