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Level 1
January 26, 2022
Question

Social Security

  • January 26, 2022
  • 1 reply
  • 2 views

Good morning. I’d like to know how I’d be taxed when I take my pension and Social Security

    1 reply

    Level 15
    January 26, 2022

    Most pensions are funded with pretax income and consequently the full amount of your pension would be taxable when you receive the funds.  

     

    Assuming that you made no after-tax contributions to your plan, pensions from government and private organizations are taxable at your ordinary income rate. 

     

    Social security is taxable for a portion depending on your total income.

     

    Please read this TurboTax blog for more information.

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