taxed in 2007 or 2008??

[2harts4ever]

Pennsylvania..... I retired on Nov. 30, 2007. Both my first retirement check from work and my first Social Security check were deposited into my banking account during the first week of January 2008.

So, do I pay taxes on them for 2007 since that is when it was earned or do I wait and pay taxes on them in 2008 since that is when they were paid?

Thanks and regards,

2harts4everWhat is the name of your state?

 

[TinkerBelleLuvr]

Your employer will send you a 1099-R for retirement benefits. THAT is what you use for your taxes.

 

[seniorjudge]

Your employer will send you a 1099-R for retirement benefits. THAT is what you use for your taxes.

Yep; don't make no never mind when it was deposited....

 

[2harts4ever]

Hi Ginny J,

I appreciate your super fast reply.

Your employer will send you a 1099-R for retirement benefits. THAT is what you use for your taxes.

I am aware of that.

What I am trying to determine is if I will have to claim them on my 2007 taxes since that is when they were earned or in 2008 since that is when they were paid?

Just trying to line up my 'p's and q's' so I will be better prepared for the tax man's arrival.

Thanks and Regards,

2harts4ever

 

[seniorjudge]

Hi Ginny J,

I appreciate your super fast reply.



I am aware of that.

What I am trying to determine is if I will have to claim them on my 2007 taxes since that is when they were earned or in 2008 since that is when they were paid?

Just trying to line up my 'p's and q's' so I will be better prepared for the tax man's arrival.

Thanks and Regards,

2harts4ever

...2007 taxes since that is when they were earned...

Ask your CPA...but, as I said, it is when it's EARNED (not deposited).

 

[2harts4ever]

seniorjudge,

Thanks ... that is just what I was looking for!

Have a great weekend!

Regards,

2harts4ever