New York State Delphi Retiree's !

[Jack]

For those N.Y.S. Retiree's that still reside here if Your Pension was taken over by the PBGC  You need to pay Your Own  State Taxes on the Pension You are receiving.

Below is a link to the STATE TAX CHARTS. Titled  ( nys_with_tax_tables_106.pdf ).

link: http://groups.google.com/group/warriors-of-labor/files?hl=en

[Jack]

Today I spoke to TIM at the N.Y.S. Department of Taxation. I asked him how We should handle Our Income Tax Payments. I further explained to Him that part of Our pensions will be Received from the PBGC.

He then informed Me that portion may be exempt from State Taxes, Local, etc.

As the Law states all Federal Pensions are exempt.

So I will now call the  PBGC and see if their portion is fully paid by the Govt.

If we need to file we need to do so quarterly.

The Form # is IT-2105 which can be downloaded from their site which contains all the instructions.

If Your 59 and a half the first $20,000 of Your income is exempt.


http://www.tax.state.ny.us/forms/form_number_order_income.htm

One last thing if You don't file Quarterly YOU MAY BE SUBJECT TO A PENALTY !

[Jack]

Okay I spoke to Patricia at the PBGC today about the State Taxes. Since We are not Gov't Employee's are Pension is NOT STATE TAX EXEMPT !

[Jack]

Today I spoke to TIM at the N.Y.S. Department of Taxation. I asked him how We should handle Our Income Tax Payments. I further explained to Him that part of Our pensions will be Received from the PBGC.

He then informed Me that portion may be exempt from State Taxes, Local, etc.

As the Law states all Federal Pensions are exempt.

So I will now call the  PBGC and see if their portion is fully paid by the Govt.

If we need to file we need to do so quarterly.

The Form # is IT-2105 which can be downloaded from their site which contains all the instructions.

If Your 59 and a half the first $20,000 of Your income is exempt.


http://www.tax.state.ny.us/forms/form_number_order_income.htm

One last thing if You don't file Quarterly YOU MAY BE SUBJECT TO A PENALTY !

For those that have not had the taxes owed on Your PBGC portion of Your pension taken out of the GM portion You need to make the estimated payment this April ( 04-01-2010 ).