Could you comment on the best way top enter / model a defined benefit pension with an income leveling option (i.e. higher payout until SS normal retirement date to compensate for Social Security payments)?
I have entered the excess payment amounts (e.g. amount the payment drops post SS normal retirement date) as a special receipt, but not sure of the tax consequences...
Thanks,
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I WOULD ENTER THE PENSION UP THROUGH THE AGE AT WHICH YOU START GETTING SS AS A TAXABLE SPECIAL RECEIPT AND ENTER THE PENSION FROM THE AGE OF SS RECEIPT ONWARD IN THE PENSION FOLDER. OR YOU CAN DO WHAT YOU ARE DOING, JUST MAKE SURE TO SPECIFY THAT THE EXCESS, WHICH YOU ARE ENTERING AS A SPECIAL RECEIPT IS SET AS TAXABLE.
Could you comment on the best way top enter / model a defined benefit pension with an income leveling option (i.e. higher payout until SS normal retirement date to compensate for Social Security payments)?
I have entered the excess payment amounts (e.g. amount the payment drops post SS normal retirement date) as a special receipt, but not sure of the tax consequences...
I have the same problem. However, the regular part of the pension is able to be inherited by domestic partner, while the supplemental til age 62 portion is not able to be inherited by domestic partner if I die before then. Moreover, I have maxed out the number of entries that can be entered into both pensions and annuities. A pension stop date in addition to pension start date would would be helpful.