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New Mexico taxes retirement income using state income tax rates, which range from 1.7% to 5.9% in 2024. Residents ages 65 and older can claim an $8,000 exemption to offset their tax burdens.
Many retirees fear taxes, and for good reason. Taxes tend to go up regularly, after all, and these folks are often living on fixed or at least limited incomes.
Considering state taxes only, paying taxes on $300,000 of taxable income (adjusted gross income) would leave a single taxpayer or married taxpayer filing separately with $275,447.15. $300,000 is ...
There is an additional 1% tax (the California Mental Health Services Act tax) if your taxable income is more than $1,000,000, which results in a top income tax rate of 13.3% in California which is the highest statewide income tax rate in the United States. [42] The standard deduction is $4,601 for 2020. [43]
In addition to the nine states that simply don't impose any income tax on anyone, four more states don't tax retirement income from 401(k) accounts, IRAs, and pensions, even though they do still ...
Illinois charges a flat state income tax of 4.95 percent, but all retirement income is exempt from paying the tax. This includes pension payments as well as distributions from retirement plans ...
So while important, taxes on retirement income should not be your only consideration when thinking about which state to live in. The $ 22,924 Social Security bonus most retirees completely overlook
When it comes to pension income, the news isn't as good. Here, per Kiplinger.com, are the 34 states -- plus the District of Columbia -- that tax pension income: Arizona. California. Colorado ...