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Returning Member
posted Jan 26, 2022 9:02:00 AM

Social Security

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

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1 Replies
Expert Alumni
Jan 26, 2022 9:07:56 AM

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.