topic Is a lump sum pension buy out in PA count as taxable for only federal or is it state as well? in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/is-a-lump-sum-pension-buy-out-in-pa-count-as-taxable-for-only-federal-or-is-it-state-as-well/01/719519#M68810 Thu, 06 Jun 2019 14:57:56 GMT kevinheffelfinge 2019-06-06T14:57:56Z Is a lump sum pension buy out in PA count as taxable for only federal or is it state as well? https://ttlc.intuit.com/community/retirement/discussion/is-a-lump-sum-pension-buy-out-in-pa-count-as-taxable-for-only-federal-or-is-it-state-as-well/01/719519#M68810 Thu, 06 Jun 2019 14:57:56 GMT https://ttlc.intuit.com/community/retirement/discussion/is-a-lump-sum-pension-buy-out-in-pa-count-as-taxable-for-only-federal-or-is-it-state-as-well/01/719519#M68810 kevinheffelfinge 2019-06-06T14:57:56Z It would not be counted as taxable income for PA but it w... https://ttlc.intuit.com/community/retirement/discussion/it-would-not-be-counted-as-taxable-income-for-pa-but-it-w/01/719522#M68811 <P>It would not be counted as taxable income for PA but it would potentially be taxable by the federal.<BR /></P><P>According to the PA Department of Revenue website:&nbsp;</P><SPAN> <A href="https://revenue-pa.custhelp.com/app/answers/detail/a_id/466/kw/pension%20lump%20sum%20payment%20taxable/related/1" rel="nofollow" target="_blank">PA Department of Revenue Pension Information</A></SPAN><P>As long as you retire and receive distributions from a PA qualified&nbsp;pension&nbsp;plan by either meeting&nbsp;years service or age requirement in the plan, your retirement income is not&nbsp;taxable&nbsp;for state purposes.</P><P>Local taxes are not administered by the Pennsylvania Department of Revenue but by local taxing authorities. You will need to contact your local tax authority for assistance. If you do not know who your Local Tax authority is, this information may be obtained by visiting the Department of Community and Economic Development website at&nbsp;<A href="http://munstats.pa.gov/Public/FindMunicipality.aspx" rel="nofollow" target="_blank">http://munstats.pa.gov/Public/FindMunicipality.aspx</A></P> Thu, 06 Jun 2019 14:57:57 GMT https://ttlc.intuit.com/community/retirement/discussion/it-would-not-be-counted-as-taxable-income-for-pa-but-it-w/01/719522#M68811 LeeM 2019-06-06T14:57:57Z
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topic Is a lump sum pension buy out in PA count as taxable for only federal or is it state as well? in Retirement tax questions
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Is a lump sum pension buy out in PA count as taxable for only federal or is it state as well?
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It would not be counted as taxable income for PA but it w...
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<P>It would not be counted as taxable income for PA but it would potentially be taxable by the federal.<BR /></P><P>According to the PA Department of Revenue website:&nbsp;</P><SPAN> <A href="https://revenue-pa.custhelp.com/app/answers/detail/a_id/466/kw/pension%20lump%20sum%20payment%20taxable/related/1" rel="nofollow" target="_blank">PA Department of Revenue Pension Information</A></SPAN><P>As long as you retire and receive distributions from a PA qualified&nbsp;pension&nbsp;plan by either meeting&nbsp;years service or age requirement in the plan, your retirement income is not&nbsp;taxable&nbsp;for state purposes.</P><P>Local taxes are not administered by the Pennsylvania Department of Revenue but by local taxing authorities. You will need to contact your local tax authority for assistance. If you do not know who your Local Tax authority is, this information may be obtained by visiting the Department of Community and Economic Development website at&nbsp;<A href="http://munstats.pa.gov/Public/FindMunicipality.aspx" rel="nofollow" target="_blank">http://munstats.pa.gov/Public/FindMunicipality.aspx</A></P>
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