If you receive retirement benefits in the form of, pension or annuity payments from a qualified employer retirement plan , all or some portion of the amounts you receive may be taxable. This topic doesn't cover the taxation of social security and equivalent railroad retirement benefits. For information about tax on those benefits, refer to Topic 423 and, Are My Social Security or Railroad Retirement Tier I Benefits Taxable? On IRS website. The pension or annuity payments that you receive are fully taxable if, you have no investment in the contract, sometimes referred to as "cost" or "basis", due to any of the following situations. You didn't contribute anything or, aren't considered to have contributed anything for your pension or annuity. Your employer didn't withhold contributions from your salary, or, You received all of your contributions tax-free in prior years. If you contributed after-tax dollars to your pension or annuity, your pens
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)