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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.
While Kansas previously allowed anyone with an adjusted gross income of $75,000 or less to exempt their Social Security benefits from state taxes, a bill passed in June 2024 now eliminates taxes ...
The next-best states to live in as a retiree, at least in regard to income taxes, are the following four, because while they do sport income taxes, they do not tax retirement income: Illinois Iowa
States with no income tax. Retirement distributions from 401(k) plans or IRAs are considered income for tax purposes. Fortunately, there are several places with no state income tax: Alaska ...
See, although you'll always be subject to federal income tax, there are 13 states that don't tax retirement income -- at all. Here's a rundown of those states. States that don't tax retirement income
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 ...
Some states don’t levy income states on any sort of retirement income, while others tax IRA and 401(k) distributions, pension payouts and even social security payments like ordinary income.
Most states don't tax Social Security income anyway, and for most of the few that do, this taxation is modest. Pension income isn't being considered either, although in most cases, states that ...