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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.
Just because a state doesn't tax retirement income doesn't guarantee lower living expenses overall or a better quality of life. While a state might not tax income, it will have to levy some form ...
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
Affordable living costs and moderate property taxes make it one of the most practical states for stretching retirement income. Tennessee Property tax rate: 0.68%
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 ...
So while important, taxes on retirement income should not be your only consideration when thinking about which state to live in. The $ 22,924 Social Security bonus most retirees completely overlook
To qualify for the retirement income exclusion, the Department explains on its website that the taxpayer must be: 55 years of age or older on Dec. 31 of the tax year, or disabled, or a surviving ...
Retirement income is considered income received from a 401(k), IRA, or pension, and the criteria for this exemption vary by state. Generally, you just need to be a certain age.