I received a monthly payment from my companies pension plan(qualified pension plan). I turned 59 1/2 in 2019. Is this taxable income in PA.
It would only be not taxable if you retired after meeting your eligibility requirements as established by the plan.
If you do not meet the requirements, then your distribution would be taxable.
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Here is my specific information:
I was officially retired as of the end of 2018 and as of 1/1/2019 started collecting my monthly company pension.
My birth date is 6/18/1960 so I would have turned 59 - 1/2 as of 12/18/19(which I would be considered 59 - 1/2 for the tax year 2019 if I understand the tax law correctly).
Can you confirm for PA tax purposes this is not taxable. If I am incorrect, can you explain why I do not qualify for it being non-taxable income for PA tax purposes.