Pension Income

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  • ekabob
    Junior Member
    • Mar 2016
    • 2

    #1

    Pension Income

    Client has $125,000 pension income, lived in Florida, pension earned out of calif. Became a resident of California on 07/01/2015. Florida has no taxes, is 100% of pension income taxable to California.
    Last edited by ekabob; 04-11-2016, 10:17 AM.
  • Roland Slugg
    Senior Member
    • Aug 2006
    • 1860

    #2
    Originally posted by ekabob
    Is 100% of pension income taxable to California?
    Yes, but for the year 2015 only the portion received from 7/01/2015 to 12/31/2015 will be taxed by California. The T/P should file F-540NR for 2015.
    Roland Slugg
    "I do what I can."

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    • taxea
      Senior Member
      • Nov 2005
      • 4292

      #3
      What does earned "out of CA" mean? If it is not a CA pension then it is not taxable in CA. If it is a CA pension then it was not taxable while the TP resided out of State but is once he he returned to CA as his residence.
      Believe nothing you have not personally researched and verified.

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