Alas, KSU faculty do pay taxes on retirement income

By Letters to the Editor

To the Editor:

Mr. Rick Kramer (Letters to the Editor on Feb. 5), I need your advice. Apparently, you know the income tax law better than my accountant does.

I will be retiring in 2015. As with all K-State faculty, I have a defined contribution plan where both the state and I contribute each month, and my required contribution is de-ducted before tax. (This is not a defined benefit plan.)

As I understand it, my with-drawals from my 403(b) will be taxed as ordinary income. If you know of a legal way to avoid paying income tax on that, please advise me. Your help is appreciated.

Terms of Service | Privacy Policy | The Manhattan Mercury, 318 North 5th Street, Manhattan, Kansas, 66502 | Copyright 2017