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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.
Just know that in many places where retirees may not owe state or even local taxes on their income, other costs have soared. Online realtor Redfin , for instance, reports property taxes in Tampa ...
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 ...
32 states with state income tax that do not tax Social Security benefits While these states and Washington, D.C., tax your income, each allows seniors and retirees to exclude Social Security ...
Find out whether your current state (or dream retirement state) will be taxing your Social Security benefits. ... Rhode Island individuals who make less than $88,950 in AGI can skip state taxes on ...
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.