I turned 66 a couple weeks ago, and I am setting plans for retirement. I am filling out my paperwork for Social Security, pension, and an annuity from my company that went bankrupt. My pension was frozen and put into an annuity. Do I pay state income tax on these?
Pennsylvania does not tax annuity payments generated from pension, IRA, or other qualified sources. In addition, Pennsylvania does not tax Social Security, pension, or other retirement benefits.
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Answered by: Tami Noll Russo, CPA, is a certified financial planner with Noll Financial Services in Middletown, Pa.