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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.
Meanwhile, withdrawals from 401(k) and IRA accounts and pension income are also taxable, though only partially. There's no estate tax in New Mexico, either -- although federal estate taxes still ...
Currently, those who are 65 or older in Colorado can fully deduct Social Security benefits from their state income, per AARP, but that was a recent change in Colorado’s tax law. Helen retired at ...
Corporations that generate income from activities or sources in New Mexico and that are required to file federal income tax returns as corporations must pay corporate income tax to the state. [14] Corporate income is taxed at the rate of 4.8% for the first $500,000, 6.4% for the next $500,000 (up to total income of $1 million), and 7.6% for ...
See, although you'll always be subject to federal income tax, there are 13 states that don't tax retirement income -- at all. Here's a rundown of those states. ... New Mexico. Rhode Island.
The New Mexico Taxation and Revenue Department is the state agency responsible for collecting and distributing governmental revenue in New Mexico [2] and administering the state's motor vehicle code. The Taxation and Revenue Department collects taxes within the state and also distributes revenue to support schools and state and local government ...
Beginning in 2008, personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets. [42] Beginning in 2007, active-duty military salaries are exempt from the state income tax. [43] New Mexico imposes a gross receipts tax on businesses.
States with no income tax. Retirement distributions from 401(k) plans or IRAs are considered income for tax purposes. Fortunately, there are several places with no state income tax: Alaska ...