Question for the Money Doctors
Question submitted on May 9, 2014.
Questionour company (Boeing) is moving jobs to California from Washington State which has no state tax. I have worked 34 years at Boeing. Now, If we move to californa and work there for 3 years and retire in California and move back to Washington. Does state of Californa tax me on my retirement benefits (all or partial)? If yes, is there a formula for the retirement tax in California
Your retirement benefits will be taxable in the state where you are a resident. Therefore, if you move back to Washington state, there will be no CA tax on the retirement benefits that were earned when you were in CA. If you lived in Washington, but earned income from property or business located in California, you will need to pay CA tax as a nonresident.
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