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Retirement Planning Tips for New York State Employees

Tip of the Month

December 2014 –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 on yo ur pension benefits call (866) 805-0990 or visit www.osc.state.ny.us/retire.


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