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Old 07-03-2008, 06:21 PM
 
4 posts, read 13,611 times
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Default State taxes for retirees

Are there any State income tax breaks for retirees on Social Security?

I am considering a move from TX to the Phoenis/Surprise area.

Thanks,

bill s.

Last edited by ibbill42; 07-03-2008 at 06:27 PM.. Reason: Forgot to specify "state" income tax
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Old 07-03-2008, 07:00 PM
 
Location: Out there somewhere...
26,655 posts, read 18,645,560 times
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Quote:
Originally Posted by ibbill42 View Post
Are there any State income tax breaks for retirees on Social Security?

I am considering a move from TX to the Phoenis/Surprise area.

Thanks,

bill s.
Depends. SS has a breaking point, I believe around $12,000.00 before paying taxes. That's for all states. If you have investments and are making a profit on them, yes as in any state you'll pay at least federal taxes on them. Everything depends on what you make. AZ State taxes are minimal for retirees. In most cases. An accountant can give you the exact information you want for your circumstances.
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Old 07-03-2008, 08:22 PM
 
Location: SE Arizona - FINALLY! :D
15,441 posts, read 13,037,896 times
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Well, according to what is says here (Retirement Living - Taxes by Ste: Alabama - Iowa) SS is exempt from Arizona income tax - but I have to admit that I think I have seen conflicting information on this subject.

Ken
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Old 07-03-2008, 09:33 PM
 
Location: Surprise Arizona
9 posts, read 67,667 times
Reputation: 18
Quote:
Originally Posted by ibbill42 View Post
Are there any State income tax breaks for retirees on Social Security?

I am considering a move from TX to the Phoenis/Surprise area.

Thanks,

bill s.

State wise you get an additional $2,500 deduction being retired. That is it.
I live in Surprise myself and that is a great place for retirees.
We have plent of resonable priced homes, plenty medical doctors and dentists. Two major hospitals, Great Fire and ambulance coverage.

Any other questions that I canhelp with?


Iggy
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