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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.
Every rule has an exception. In this case, filers in certain states need to be aware of their state's tax requirements. There are 12 states that tax Social Security benefits. These include ...
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.
20. Texas. State sales and average local tax: 8.19% State tax on Social Security: None Effective property tax: 1.69% Income tax rate (65+): 0% Seven of the cheapest cities to retire are in Texas ...
Here's some very good news for those approaching or in retirement: Fully 41 states don't tax Social Security benefits-- and that number has been growing in recent years. But the news isn't all ...
Image source: Getty Images. Here's a look at how various states tax retirement income. The nine states that don't tax income. When it comes to the taxation of income, you're in luck if you live in ...
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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 ...