amy_howell
Feb 21, 2012, 11:15 PM
Hi all,
Hey, I was wondering,I retired last year from general motors at age 54. They were relocating from Delaware to Illinois. I decided to take the buy out. So, in January of 2011, I started getting about 2700.00 monthly for my retirement package, totaling about 34k. I know I have to pay the federal taxes on this, but it is a code 2 in box 7, which says I do not have to pay a penalty. But... and here is my question... is this income taxable income in the state of Pennsylvania, or,. it is only about a 1k swing, but a penny saved... thank you for your time. Amy
Hey, I was wondering,I retired last year from general motors at age 54. They were relocating from Delaware to Illinois. I decided to take the buy out. So, in January of 2011, I started getting about 2700.00 monthly for my retirement package, totaling about 34k. I know I have to pay the federal taxes on this, but it is a code 2 in box 7, which says I do not have to pay a penalty. But... and here is my question... is this income taxable income in the state of Pennsylvania, or,. it is only about a 1k swing, but a penny saved... thank you for your time. Amy