I was offered a choice of monthly payments or lump sum from the bowne pension plan. I took the lump sum and federal tax was withheld from the payment. Do I still have to pay income tax if I live in Florida?

ANSWER

Expert Barbara Blacklidge's Answer:

Florida has no state income tax, and you would not have to pay any state tax on the distribution. If federal tax was withheld at the time of distribution, it is unlikely you would owe any additional federal tax when you file your federal tax return. Please let me know if I can assist you further. Thank you and best regards, Barbara

Barbara Blacklidge, EA

Florida

17 yrs experience

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21 Ans.