Retirement Planning Tips for New York State Employees
Tip of the Month
August 2015 - Is my NYS retirement pension subject to federal income tax?
After you retire, your monthly pension benefit payments are not subject to NYS taxes, but are subject to federal income tax. When you file for retirement, be sure to send a W-4P form to the NYS Retirement System so they know how much to withhold for federal taxes. If you need help deciding on your withholdings, consult with your tax advisor. You may use the tax calculator at: http://nysosc9.osc.state.ny.us/product/wthtxclc.nsf/TaxCalcInput?OpenForm. For a W-4P form: http://www.osc.state.ny.us/retire/forms/form_w-4p.pdf. For more information, call (866) 805-0990 or visit: www.osc.state.ny.us/retire.