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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 ...
Florida doesn’t tax retirement income, including pensions, 401(k) withdrawals and Social Security. ... However, it’s the only state on this list that levies state capital gains tax — 7% on ...
To calculate effective income tax rates, we ran over 30,000 simulations of our retirement income tax calculator. We simulated the state and local income taxes paid in every state for persons age ...
Nevertheless, with most state income tax rates ranging anywhere from 4% to 13%, avoiding these income taxes could save you hundreds if not thousands of dollars per year.
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 ...
Median household income and taxes State Tax Burdens 2022 % of income. State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly. This table ...
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.
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 ...