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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.
New Mexico Taxes on Social Security benefits have been nixed in New Mexico for individual recipients with annual earnings less than $100,000, and married people making less than $150,000.
For someone in the 12% tax bracket, this could be the difference between paying $15,500 in taxes versus $3,720 ($31,000 * 12%). Most Social Security recipients will pay very little, if any, taxes ...
New Mexico state income tax rates range from 1.70 percent to 5.90 percent. As of the 2022 tax year, most seniors in New Mexico are exempt from Social Security taxes, thanks to changes in the law.
[1] [2] It does not have inheritance tax, estate tax or franchise taxes. While New Mexico does not have a state sales tax it does have a statewide "gross receipts tax", which is commonly passed on to the consumer by businesses just like a normal sales tax. [3] [4] [5] Its state income tax ranges from 1.7% to a maximum of 4.9%. [3]
New Mexico. Rhode Island. Utah. ... 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.
Vermont. State sales tax: 6.36% Median property tax rate: 1.83% Estimated property tax: $7,035 Average Social Security benefits: $2,045 State tax on Social Security benefits: Yes Editor’s note ...
Find the best states for taxes in retirement. Find the best states for taxes in retirement. Skip to main content. Subscriptions; Animals. Business. Entertainment. Fitness ...