From: "David B. Redmond" 
Newsgroups: misc.invest.financial-plan
Subject: Re: taxes on pension and SS?
Date: 30 Apr 2005 16:30:15 GMT
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On 30 Apr 2005 09:10:09 GMT, carkenord@juno.com wrote:

> Please help settle an argument between 4 people.  Two young adults and
>2 older adults.
>
>The scenario, taking place in Colorado::
>
>Mr. turns age  64 and retires, and starts drawing $500/month Social
>Security.  No pension from old job.
>
>Mrs. turns age 62 at exactly the same time.  She retires, and starts
>drawing SS of $1300 month.  She also gets a pension from the job she
>retired from.  Her job pension is $1300 month.
>
>Does Mr. pay any Federal or state income tax on his  $500/mo. SS
>income?
>
>Does Mrs. pay any Federal or state income tax on either her $1300/mo.
>SS or  $1300/mo. pension income?
>
>Thank you.......     Lee Carkenord

Why don't you get out blank state and federal tax returns for 2004 and
fill them out with the prospective amounts and see what happens?  This
is the best way to see exactly how exemptions, deductions, and other
factors that determine taxes will play out.  Are there dependents,
mortgage interest, other income, previous year loss or credit
carryovers?  Taxes are always a specific rather than a generic issue.


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