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Member NewsletterJANUARY Update from the Principal Officer Dear Members Welcome back and best wishes for the year ahead! Since good retirement planning is dependent on the contributions you make and
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Start by gathering all relevant financial documents, such as bank statements, retirement account statements, and any other sources of income.
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Calculate your total income from all sources, including pensions, social security, investments, and any other forms of retirement income.
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Subtract any expenses or deductions from your total income to get your net retirement income.
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Retirement income is the income that an individual receives during their retirement years, typically from sources like pensions, social security, and investments.
Individuals who receive retirement income must report it on their tax return.
You can fill out information about your retirement income on your tax return forms, specifically on the section designated for income sources.
The purpose of reporting retirement income is to ensure that the income is taxed appropriately and accurately reflected on your tax return.
Information about all sources of retirement income, including pensions, social security, and investment income, must be reported.
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