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Pension check and Fiscal Cliff tax increase?....
posted at December 29, 2012 12:09 PM EST
Re: Pension check and Fiscal Cliff tax increase?....
posted at December 30, 2012 10:57 AM EST
First: November 27, 2011
Last: December 10, 2013
In Response to Pension check and Fiscal Cliff tax increase?....:
My only income is my late spouse's pension check. Does anyone know if the taxes are going to increase on pension checks? The pension check barely pays the house note and utilities as it is and when I looked at what is considered "low income or poverty level" I was shocked. Does the income count before taxes and insurance are taken out of the pension check? Sorry if I sound dumb but I am new at this.
Posted by Ykraps
I think you need to start some learning and budgeting regardless of what our Legislators do with this mess.
Fiscal Cliff (Before and After) Tax Estimator Calculator
Have you ever done a tax return? If your pension check is taxable income then it is taxed - it doesn't matter what you have to pay with it. Uncle Sam gets his - regardless of your expenses because YOU control your expenses -
When things chnage in our lives that affect our income, changes have to be made in order to live within one's means.