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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.
There are 13 U.S. states that don't tax retirement income. Here's what you should consider when deciding whether to retire in these states. ... The United States is one country, but its 50 states ...
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 ...
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 ...
Oh, and if you're collecting or planning to collect military retirement pay, know that even most states that charge ordinary income tax still don't tax this particular income. Of the 16 that do ...
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
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
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