This is my second atempt: Can anyone either direct me, or inform me, if there are any states where retirement income is not taxed.
Can anyone either direct me, or inform me, if there are any states where retirement income is not taxed. Texas has no personal income tax. Period.*>UncaMikey
"This is my second atempt: Can anyone either direct me, or inform me, if there are any states where retirement income is not taxed?"There are several states that don't have a state income tax. These include, FL, NV, TX and a few others. However, this isn't the entire picture. You need to also consider intangible tax and tax on assets. Some states charge a tax each year on the total value of various assets. There are also other cost of living issues to evaluate such as insurance costs, utility rates, property taxes, etc. TX is particularly friendly to retirees since they allow you to freeze your property tax when you hit 65.The point I'm trying to make is that it is best to look a bit deeper than state income tax when you evaluate where to spend your "golden" years. Regards, pmcw
Washington State also has no state income tax. However, real estate taxes and sales tax may be higher than in other states.Also, you will still have to pay federal taxes on qualifying income. And if you live in a state that has income tax and itemize your deductions, the state tax is deductible, whereas higher sales tax is not.I believe Kiplinger's Personal Finance did an article in the last year that rated the best places to retire and took into account health care, taxes, housing costs etc. Might be worth your while to look for a copy.Best of Luck,Teresa
This is my second attempt: Can anyone either direct me, or inform me, if there are any states where retirement income is not taxed.I want to remember that there was a discussion on this some time last year. There was at that time a link to a site that compared numerous tax issues on a state by state basis. One of the active posters to that thread was wycowboy as I recall. If TMF hasn't removed it, you may be able to locate it by looking through wycowboy's posts.My apologies to wycowboy if my 'random' memory has failed me again.arahfool
TMF ExRO cited this state tax comparison web site the first time you posted:http://www.taxadmin.org/fta/rate/ind_inc.html
Arah and Boarder...I don't usually wander over here, but no problem try this site:http://www.bankrate.com/brm/itax/edit/state/state_tax_home.asp
I heard Oregon has no state income or sales tax. Also Washington has not income and no sales tax on groceries.
I heard Oregon has no state income or sales tax. Also Washington has not income and no sales tax on groceries..............Actually, I believe Oregon has a state income tax but no sales tax, and I know Washington has no income tax but does have a sales tax on everything but essential groceries (bread, milk, fruit, etc.).Don't tell the authorities, but lots of people in Washington go down to Oregon to make purchases like furniture and such to avoid the sales tax. The car tab (tax) cost in Washington used to be very hefty, but that was recently decreased.I wish I was still living in WA and didn't have to pay state taxes this year!Teresa
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