Ed Anderson
Joined: 10 Jan 2006
Posts: 475
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 Posted: Fri Mar 19, 2010 3:49 am Post subject: Twists and Turns was : TaxesTaxesTaxesTaxes |
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One thing you may want to check on (if applicable to you), is how your state
of choice treats different categories of retirement income.
For example if you have federal retirement (of military)income and retired
before 1989 it is exempt from NC state income taxes due to a US Supreme
Court ruling that states could not treat state employee and federal employee
retirement different. Some states at the time did not tax state employee
income (or not at the same rate as federal), North Caroline and Virginia
were a couple of examples.
Most states elected to apply taxes to the state employee rather than exempt
federal as well - surprise! However, in NC their Supreme Court ruled that
the state employees who retired before 1989 had a "Contract" with the state
and since their retirement income had taxes waived, then so must federal
retirement income for those who retired before 1989 (or were 100% vested) .
They quickly rectified their "oversight" but were not permitted to make it
retroactive.
Just mentioning this as one example - which may or may not apply. But, it
can make a big difference
Ed
Ed Anderson
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_________________
Ed Anderson
Rv-6A N494BW Rotary Powered
Matthews, NC
eanderson@carolina.rr.com |
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