So, after leaving megcorp last week, I requested that our benefit center send me the pension paperwork which I just got.
I had some questions that I would appreciate input from the sage and experienced folks here.
During my tenure, I made after tax contributions to the plan, and according to the paperwork, the non-taxable 'recovery' amount comes to about $64/month.
My monthly benefit will be about $1500/month - not much but I wasn't there all that long and they terminated the pension plan some time ago.
I want to have fed and state taxes withheld on a monthly basis.
Q1) Will the amount figured for tax withholding be based on the overall $1500 per month, or $1436 ($1500-$64)?
Q2) Will the Pension Plan provider submit and send 2015 tax info based on overall amount or just the taxable amount? Are there add'l forms and calculations I need to worry about concerning the non-taxable vs taxable amounts when I file taxes next year?
Q3) Is there an easy on-line calculator where I can plug in monthly amount of my pension benefit and make the various selections of withholdings for single, married, married but withhold as single, # of allowances to see what the resultant withholding amounts are? I have a target amount for estimated taxes by income stream already segregated out - so it would be nice to know how to complete the W-4P to hit that $ amount.
Thanks in advance!
I had some questions that I would appreciate input from the sage and experienced folks here.
During my tenure, I made after tax contributions to the plan, and according to the paperwork, the non-taxable 'recovery' amount comes to about $64/month.
My monthly benefit will be about $1500/month - not much but I wasn't there all that long and they terminated the pension plan some time ago.
I want to have fed and state taxes withheld on a monthly basis.
Q1) Will the amount figured for tax withholding be based on the overall $1500 per month, or $1436 ($1500-$64)?
Q2) Will the Pension Plan provider submit and send 2015 tax info based on overall amount or just the taxable amount? Are there add'l forms and calculations I need to worry about concerning the non-taxable vs taxable amounts when I file taxes next year?
Q3) Is there an easy on-line calculator where I can plug in monthly amount of my pension benefit and make the various selections of withholdings for single, married, married but withhold as single, # of allowances to see what the resultant withholding amounts are? I have a target amount for estimated taxes by income stream already segregated out - so it would be nice to know how to complete the W-4P to hit that $ amount.
Thanks in advance!