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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.
At least some retirement income is exempt from income taxes in many other states. For example, the following states don't tax Social Security retirement benefits: Alabama
Here's a look at how various states tax retirement income. ... And New Hampshire has levied a 3% tax on dividends and interest on investment income, but that's going away beginning in 2025 ...
*While New Hampshire doesn't tax workers' wages, note that it will tax interest and dividend payments in excess of $2,400 per year as income through 2024. Beginning in 2025, however, this tax will ...
Illinois charges a flat state income tax of 4.95 percent, but all retirement income is exempt from paying the tax. This includes pension payments as well as distributions from retirement plans ...
Effective property tax: 1.96%. Income tax rate (65+): 0%. New Hampshire is one of the best places to live for retirees to escape taxes. It has no sales tax, no state income tax and no tax on ...
For instance, Georgia does not tax Social Security retirement benefits and also provides a deduction of up $65,000 per person on all other types of retirement income.
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.