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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.
Some retirees are under the mistaken impression that once the 10% penalty for early withdrawal passes at age 59 1/2, they don’t have to pay tax on their IRA distributions either.
Seniors living in Vermont can expect to pay between 3.35% and 8.75% in state income tax, but whether your Social Security benefits are excluded depends on your filing status and adjusted gross income:
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.
Here’s how the Illinois Family Relief Plan affects those who did not file income tax returns in 2021, plus who can expect an automatic income tax return from the state.
The Illinois Department of Revenue (IDOR) is the code department [1] [2] of the Illinois state government that collects state taxes, operates the state lottery, oversees the state's casino industry, oversees the state's thoroughbred and harness horse racing industries, and regulates the distribution of alcoholic beverages throughout Illinois, including beer, wine, and liquor. [3]
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