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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 ...
These ten states impose some of the lowest taxes on retirees in the U.S., according to Kiplinger's analysis of state tax rules plus research by the Tax Foundation, a nonprofit organization in ...
Prior to the end of 2024 the state did tax dividend and interest income -- often an important source of funding for retirees. As of the beginning of 2025, however, this tax has also been lifted ...
On the federal level, you'll be taxed on up to 50% of benefits once provisional income exceeds $25,000 for single tax filers and $32,000 for married joint filers — and on up to 85% of benefits ...
Colorado: Retirees 65 and older can deduct all of their Social Security benefits from their state income tax. Retirees 55 to 64 can deduct up to $20,000 in retirement income. Connecticut: You can ...
Tax season takes a bigger bite out of retirement in some states than in others -- but that doesn't mean you should flee to a low-tax state. Most and least tax-friendly states for retirees Skip to ...
9 states with no state income tax. These states don’t tax your income, though you could end up paying taxes on stocks and other investments, depending on the state: Alaska. Florida. Nevada. New ...
For example, in Colorado, residents ages 65 and older have been able to fully deduct federally taxed Social Security benefits on their state income tax returns since tax year 2022. For 2025, that ...
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