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david787
Returning Member

personal individual state income tax for retired, full-time residents of the state of Washington

Seven (7) questions about personal individual state income tax for retired, full-time residents of the state of Washington:

 

I am 71 years old (birthdate: 5/17/1952), May 2018 I fully retired from all employment (from career-long employment as a university dean/professor), and since May 2018 I have NO EMPLOYMENT / NO EMPLOYMENT INCOME. 

 

In 2023, I'm very likely to move permanently to the state of Washington  (from Texas where I currently live full time) and with that relocation I would live full-time permanent resident in the state of Washington.  I would NOT buy any house and NOT buy any condo, but only rent an apartment or condo unit.  About the only tangible asset that I would buy in WA would be a car/SUV.

 

I have been told and I have read that in the state of Washington  an individual resident needs only to pay WA state income tax on "employment income" (which I have none), but still must file annually a WA state income return.  Please note that although (since May 2018) I am no longer employed and thus I receive no employment income, I do have an annual income of around $200,000 from non-employment/non-working sources as I list below, which includes a pension payment of about $45,000 annually (from CalPERS) related to my employment at a California state/public university from 1995-2003.

 

Seven (7) questions:  As a 71 year-old retired full-time permanent resident in the state of Washington, would I have to pay personal Washington state income tax on any (and which) of the following seven (7) financial items from which I receive payments now in my years of retirement till death:

 

(1)  Interest ?  ----This interest is from bank savings account, brokerage Money Market account, for which I receive about $5,000 to about $10,000 annual income.

 

 

(2)  Dividends ?  ----This dividends' amount annually is not really predictable, but dividends from stocks, for which I receive is about $2,000 to $20,000 annual income.

 

(3)  Capital gains regarding stock/equities investments ?  ----This amount annually is not really predictable, but capital gains from stock sales, for which I receive is anywhere between about $0.00 (zero) to $100,000 annual income

 

(4)  Charitable Gift Annuity payments related to 2019 donation to 501c3 nonprofit organization ?  ----These payments are from a Charitable Gift Annuity, about $250,000 annual income (from two private universities in state of California, for which I’ve made a major donation in 2019 for a Charitable Gift Annuity, which the IRS designates as donations, and for which I receive about $250,000 annual lifetime income).

   --- Footnote: In 2021 the IRS notified me of a thorough related audit of my 2019 tax year filing, and the respective TurboTax representation is wonderful and ultimately the IRS concluded all was filed and paid properly and NO additional tax payments or changes needed to be made by for my 2019 tax year filing.

 

(5)  Social Security retirement benefit payments to me ?  ----Payment from U.S. Social Security Administration retirement benefits, that I began at age 70 years old, for which I receive about $40,000 annual income.

 

(6)  Pension payments from California (CalPERS) as a former state university employee in 1990's ?   ----These payments are "pension" payments from CalPERS (California state employee retirement program) for the eight years (1995-2003) that I worked as a state/public university professor in California, and these monthly payments from CalPERS total about $40,000 annual income for me.

 

(7)  As I ask this final question, I am asking it in the context of IF I would need not to pay state of Washington state income tax on any of the six items above:  Would I still have to file an annual WA state income tax filing each year ?  ----Or, would this item be for me living in the state of Washington, be the same as such residents in Texas, Florida, Nevada, and such, where NO state income tax filing needs to be filed each year?

 

Thank you, thank you immensely if you can answer specifically/explicitly, even with a simple short yes or so, each of my seven (7) above questions.

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1 Reply
ee-ea
Level 15

personal individual state income tax for retired, full-time residents of the state of Washington

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