Determining taxable portion of pension.
IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. Publication 939 explains how to determine the taxable portion
of your pension or annuity annuity: see insurance.
annuity
Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. . But if you can't figure it out from
those instructions, the IRS will calculate the amount for you--for $75.
COPYRIGHT 2002 California Society of Certified Public Accountants
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.
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