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It taxes Social Security the way the federal government does currently — with a $5,500 deduction for taxpayers over 65. New Mexico only taxes Social Security benefits if you earn more than ...
The good news is that Montana residents over age 65 can take a new standard $5,500 deduction from their federal taxable income for the 2024 tax year. New Mexico
When it comes to taxes, New Mexico is not among the 41 states that do not tax Social Security benefits. But thanks to a recent law, it only taxes those with relatively high incomes -- such as ...
2. Tax-Deductible HSA Contributions. Senior citizens can also benefit from a tax deduction for health savings account contributions. Deposits made directly to an HSA can be claimed, but keep in ...
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 all retirement income including Social Security with a deduction for seniors based on income. ... There's no tax on Social Security retirement benefits and no state inheritance or ...
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.
Retirement savings and investments can have more complex tax rules than income, where you often get taxes deducted automatically from each paycheck and a W-2 at the end of each year. Here are some ...