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Old 11-16-2012, 05:01 PM   #1
november02
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are NY pensions taxed in Connecticut?

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are NY pensions taxed in Connecticut?
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Old 11-17-2012, 08:49 AM   #2
Juno
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“are NY pensions taxed in Connecticut?”------->It depends. Connecticut's income tax excludes ; 75% or 100% of federally taxable Social Security income, depending on the taxpayer's federal AGI; 100% of railroad retirement benefits; and starting with the 2008 tax year, 50% of federally taxable military retirement benefits. Connecticut has no exemptions for other types of pension income. So, Except for Social Security, railroad retirement, and military retirement benefits, Connecticut's state income tax treats income from public and private pensions the same as any other income. The state has no other special exemptions for pension income.Though your pension may be safe from taxation in many states, you still need to consider other taxes in the state that will eat into your buying power. Property taxes, sales taxes and personal property taxes are just some of the additional taxes that can weaken your pension and lower your standard of living.
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Old 11-20-2012, 12:31 PM   #3
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Under federal law, pensions can only be taxed by the state in which the recipient is living, regardless of where the pension was "earned" (where the recipient worked before retiring).Years ago, California used to go after retirees for taxes on their pensions when they worked in California (and built up large pension balances), but then moved to Nevada, with no state income tax, and started drawing on their pensions, under the premise that the pensions were California sourced income since they were "earned" while the individual was working in California and subject to California income tax. Then in the mid to late 90's, the federal government enacted the rules that stated that only the resident state was allowed to tax pensions.
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