Nonqualified Pension Income reported on a W-2, not a 1099-R. No SS nor Medicare wages or withholding, but state withholding. Assume income goes to line 7 with other wages since on a W-2? However, CT resident worked in NYC when he was with this employer many years ago, so state income and withholding shows for NY. If this were a qualified pension, he'd be reporting only to CT where he lives. Does he file a NY return and owe NY tax on his nonqualified pension? If you read my earlier post, you know I'm exhausted from unbunking the beds in my stepdaughter's dorm and then lofting them and them rebunking them and moving the large dresser over to the side of the room with the small wardrobe and the small dresser over to the side of the room with the large wardrobe and moving the desk to every possible location in the room to see where the shelves fit best, not to mention the four flights of stairs....
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You need to look to the rules for NY. I have a client who earned the same thing as a resident in Oregon then moved to Maryland. Oregon taxes it and we use the Oregon tax credit to offset against Maryland Tax. -
Ny
NY's definition is VERY broad, but then so is CT's. Looks like NY does tax retirement funds if nonqualified, so we'll take a credit on CT. Just had not seen retirement benefits reported on a W-2 before. Nor empty boxes 3 and 5 when not a school teacher....Comment
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And...
And, thank you, Veritas.Comment
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Veritas
Could you explain what kind of NQ Pension fund that Oregon tax, when you are no longer an Oregon resident?Oregon taxes it and we use the Oregon tax credit to offset against Maryland Tax.Comment
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Sorry to take so long.
Oregon will tax nonqualified deferred compensation plans unless they are paid based on life expectancy or at least a 10 year payout. My client's payout was 5 years so even though she is a Maryland resident Oregon will tax. The sad thing is if she had a Maryland tax preparer most probably she would not be paying Oregon tax.Comment
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