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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 ...
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 ...
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
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.
For tax year 2023, the additional standard deduction amounts for taxpayers who are 65 and older OR blind are: $1,850 for single or head of household. $1,500 for married taxpayers (per qualifying ...
New Hampshire doesn’t tax personal income, but it does have a 4% tax on dividends and interest with a total gross from all sources of $2,400 for individuals. This tax is set to be phased out by ...
You’ll also need to pay income taxes on any tax-deferred investments — including IRAs, 401(k) plans and tax-deferred annuities — in the year you take the money. More From GOBankingRates
Use your bigger standard deduction: If you’re 65 or older and you don’t itemize deductions, you are entitled to a higher standard deduction. A single filer over 65 gets an extra $1,750 ...
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