kannon
Recycles dryer sheets
Hello All -
I am very close to retiring and am looking at where best to retire. Because of where our families are, MD, PA, and DE are all possibilities. I believe PA offers the best tax savings.
Our income post retirement situation:
- federal retirement pension (FERS)
- pension (wife) from an university hospital
- social security for both of us
- distributions from my Thrift Savings Plan
- distributions from wife's 403b
- interest/dividends from taxable account
The way I interpret the state tax in PA is the only income we will be taxed on is our interest/dividends from taxable account. All SS, pensions, and 401/403 distributions are not taxed in PA.
Was hoping there might be someone actually retired in PA who could confirm this. It just seems too good to be true.
I tried to do a simulated return on TurboTax and couldn't match my estimate. TurboTax still taxes me on my FERS annuity.
Appreciate any insight on this.
Thanks
Kannon
I am very close to retiring and am looking at where best to retire. Because of where our families are, MD, PA, and DE are all possibilities. I believe PA offers the best tax savings.
Our income post retirement situation:
- federal retirement pension (FERS)
- pension (wife) from an university hospital
- social security for both of us
- distributions from my Thrift Savings Plan
- distributions from wife's 403b
- interest/dividends from taxable account
The way I interpret the state tax in PA is the only income we will be taxed on is our interest/dividends from taxable account. All SS, pensions, and 401/403 distributions are not taxed in PA.
Was hoping there might be someone actually retired in PA who could confirm this. It just seems too good to be true.
I tried to do a simulated return on TurboTax and couldn't match my estimate. TurboTax still taxes me on my FERS annuity.
Appreciate any insight on this.
Thanks
Kannon