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The state has a flat state income tax of 4.95% and exempts from taxation nearly all retirement income, including Social Security, according to the Retirement Group.
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 ...
For many people, 401(k) accounts and IRAs supply another key kind of retirement income. A whopping 37 states -- plus the District of Columbia -- tax such distributions: Alabama. Arizona. Arkansas ...
On the other hand, retirees at least 65 years old in Colorado can deduct all of their Social Security benefits from their state income tax, while those 55 to 64 can deduct up to $20,000 in ...
Alabama will tax retirement income from 401(k) plans and IRAs. However, the state doesn't tax Social Security retirement benefits or pension income from a defined benefit retirement plan .
Several states don’t tax military retirement pay, while other states treat pension income differently than distributions from retirement plans such as 401(k)s or IRAs.
All 27 states below, plus the District of Columbia, currently treat IRA and 401(k) withdrawals as regular taxable income even if you've already reached your full retirement age and are officially ...
In addition to the nine states that simply don't impose any income tax on anyone, four more states don't tax retirement income from 401(k) accounts, IRAs, and pensions, even though they do still ...