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I retired in aug,1994. I contributed to my plan, but for some reason I started using the General Method of calulating the taxes. A coworker tells me I could save several hundred $$$ a year by using the "Simplified Method".
This will be the 7th year I have paid taxes on my pension. Is it to late to change? Is there really that much difference?
TIA
david
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No. of Recommendations: 1
<<I retired in aug,1994. I contributed to my plan, but for some reason I started using the General Method of calulating the taxes. A coworker tells me I could save several hundred $$$ a year by using the "Simplified Method".
This will be the 7th year I have paid taxes on my pension. Is it to late to change? Is there really that much difference?>>

Just like the potato chips...once you start...you can't stop. Eventually, you'll be in the same "place" as somebody who elected the simplified method. So it's more of a timing issue than a "loss" issue.

Sorry for the bad news...
TMF Taxes
Roy
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