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Author: boarder7 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76418  
Subject: Non-tax states Date: 2/5/2001 10:47 AM
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This is my second atempt: Can anyone either direct me, or inform me, if there are any states where retirement income is not taxed.
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Author: UncaMikey Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 27681 of 76418
Subject: Re: Non-tax states Date: 2/5/2001 10:51 AM
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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

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Author: pmcw007 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 27683 of 76418
Subject: Re: Non-tax states Date: 2/5/2001 10:59 AM
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"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

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Author: tsouth Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 27687 of 76418
Subject: Re: Non-tax states Date: 2/5/2001 11:47 AM
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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

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Author: arahfool Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 27689 of 76418
Subject: Re: Non-tax states Date: 2/5/2001 1:28 PM
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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

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Author: rensimer Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 27696 of 76418
Subject: Re: Non-tax states Date: 2/5/2001 5:02 PM
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TMF ExRO cited this state tax comparison web site the first time you posted:

http://www.taxadmin.org/fta/rate/ind_inc.html

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Author: wycowboy2 Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 27701 of 76418
Subject: Re: Non-tax states Date: 2/5/2001 7:45 PM
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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

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Author: jlsblayz One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 27758 of 76418
Subject: Re: Non-tax states Date: 2/7/2001 6:57 PM
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I heard Oregon has no state income or sales tax. Also Washington has not income and no sales tax on groceries.


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Author: tsouth Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 27770 of 76418
Subject: Re: Non-tax states Date: 2/8/2001 9:53 AM
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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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