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Old 01-27-2016, 02:43 AM
 
6 posts, read 5,740 times
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Quote:
Originally Posted by lenora View Post
I'm almost afraid to ask but where do you get this idea that Maryland is double dip taxing on retirement?
They are taxing what i am putting into my retirement and it will be taxed coming out. Hogan has mentioned that he was going to get rid of one of the two.
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Old 01-27-2016, 05:14 AM
 
Location: Mount Airy, Maryland
10,470 posts, read 5,937,726 times
Reputation: 16170
Quote:
Originally Posted by MidValleyDad View Post
BALTIMORE IS NOT ALL OF MARYLAND. There are many areas outside Baltimore. I've lived in Frederick County for 30+ years. There is a lot I like some bits I don't. I grew up in Carroll County most of my life before spending some years in the Air Force.

For those that don't like Maryland feel free to leave, we're to crowded anyway. Otherwise get involved and help make things change. Or move.

I have been trying to hammer home this point here for years. When I hear blanket statements about crime, traffic etc in Maryland and I consider that we have not locked our doors in 13 years I just shake my head.
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Old 01-27-2016, 06:46 AM
 
Location: It's in the name!
5,851 posts, read 6,889,536 times
Reputation: 2340
Quote:
Originally Posted by DaveinMtAiry View Post
I have been trying to hammer home this point here for years. When I hear blanket statements about crime, traffic etc in Maryland and I consider that we have not locked our doors in 13 years I just shake my head.
When I first bought my house in the late 90's BEFORE DC and the surrounding areas started to enjoy this now two-decade old revitalization, I left my front door wide open with a fan in it because my A/C was broke. Not one break in. My storm door had a full length screen in it and I used to leave the door open all the time and never thought of crime. To this day, nothing has ever been stolen from my property. And I live in "God-forsaken" Prince George's County.

I think people make excuses and trying to paint their own narrative as the case for an entire neighborhood, city, county, or state. The truth is, a number of Northeast and Midwest states are loosing people to the south. Call it what you want, but it isn't because someone thinks Maryland is a bad state. Reasons for relocation are almost always financial.

But isn't it interesting that with the crime ridden parts of S.E. DC and parts of N.E. DC, DC is gaining residents. Hmmmmm. So, I guess it is true that you can't throw out the baby with the bath water.
Quote:
When the U.S. economy slowed during the recession, so did one of the major demographic shifts of the last several decades. For a brief respite, the Northeast and Midwest stopped shedding quite so many residents to the burgeoning Sun Belt. That trend, though — which has big consequences for politics, among other things — has been picking back up.



https://www.washingtonpost.com/news/...entrandom_1_na
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Old 01-27-2016, 07:59 AM
 
Location: Baltimore, MD
3,745 posts, read 4,221,259 times
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Quote:
Originally Posted by SeanSR81 View Post
They are taxing what i am putting into my retirement and it will be taxed coming out. Hogan has mentioned that he was going to get rid of one of the two.
Thanks, but I still don't understand. I am semi-retired with a 403b, 457b, (both currently invested in annuities) rollover IRA and a Roth IRA. I also had a pretaxed contribution to a traditional IRA that I eventually converted to a Roth but I did not pay taxes at that time because my contribution was already taxed. Obviously, I have worked for nonprofit, private and government employers.

I am currently being taxed on withdrawals from the Rollover IRA, but I never paid taxes on those contributions. So... I still don't understand what you are referring to.
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Old 01-27-2016, 08:13 AM
 
Location: North Beach, MD on the Chesapeake
33,909 posts, read 42,165,527 times
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Quote:
Originally Posted by lenora View Post
Thanks, but I still don't understand. I am semi-retired with a 403b, 457b, (both currently invested in annuities) rollover IRA and a Roth IRA. I also had a pretaxed contribution to a traditional IRA that I eventually converted to a Roth but I did not pay taxes at that time because my contribution was already taxed. Obviously, I have worked for nonprofit, private and government employers.

I am currently being taxed on withdrawals from the Rollover IRA, but I never paid taxes on those contributions. So... I still don't understand what you are referring to.

He could be referring to retired military pay.


I am under the State Retirement System and for several years my contribution to it was after tax. Then it switched to pre-tax deductions. My pension is now taxed. My TSA withdrawals are taxed at just under 28%.
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Old 01-27-2016, 09:35 AM
 
1,723 posts, read 1,637,111 times
Reputation: 1927
Quote:
Originally Posted by North Beach Person View Post
He could be referring to retired military pay.


I am under the State Retirement System and for several years my contribution to it was after tax. Then it switched to pre-tax deductions. My pension is now taxed. My TSA withdrawals are taxed at just under 28%.
The 28% being primarily federal income tax/it's treated as normal income at both the state/federal level, right? Do you know if it would have been different if all your contributions were after tax or if you should have just contributed pre-tax all along? Just curious if there's a difference.
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Old 01-27-2016, 09:46 AM
 
Location: North Beach, MD on the Chesapeake
33,909 posts, read 42,165,527 times
Reputation: 43311
Quote:
Originally Posted by bufflove View Post
The 28% being primarily federal income tax/it's treated as normal income at both the state/federal level, right? Do you know if it would have been different if all your contributions were after tax or if you should have just contributed pre-tax all along? Just curious if there's a difference.

Yes.


I've never done the math so I don't know. My pension is also taxed at regular income at the 27.75% rate, so the fact that it was after tax deductions for many years (which was apparently done by mistake) apparently doesn't have much impact.


I expect that it may work out in the wash next tax year (this tax year (2015) I still have 6 months of salary to account for).


My bigger concern, quite frankly, is the Legislature continuing to sandbag Hogan's effort to pay back the money "borrowed" from the pension system during the O'Malley Administration.
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Old 01-27-2016, 10:24 AM
 
Location: Mount Airy, Maryland
10,470 posts, read 5,937,726 times
Reputation: 16170
Quote:
Originally Posted by North Beach Person View Post


My bigger concern, quite frankly, is the Legislature continuing to sandbag Hogan's effort to pay back the money "borrowed" from the pension system during the O'Malley Administration.
Here here! I'm not effected but this was just wrong MO'M was a terrible terrible Governor. Me loves our new guy.
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Old 01-27-2016, 10:31 AM
 
11,992 posts, read 17,507,951 times
Reputation: 6088
Quote:
Originally Posted by Quick Enough View Post
"(and i am not playing the political game here because the Republicans have been just as bad as the Democrats in leadership)."

Even though there have been a few repub Gov's, the state has been, and will be controlled by dems who hold the majority in BOTH houses and have made any repub Gov. effective-less, killing any meaningful legislation.

Look at Erlich, he wanted gambling and Busch and Miller demonizes his ideas. Then as soon as a dem took back control, they were all for it.

I lived in MD 59 of my 61 years and couldn't WAIT to get out after retirement.

It IS a beautiful state but, 1 party rule uninterrupted for YEARS made it unbearable (taxes) to live there.
MARYLAND: More Massachusetts Than Massachusetts Ever Was
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Old 01-28-2016, 07:37 AM
 
5,292 posts, read 5,610,460 times
Reputation: 1127
Baltimore is only partially the problem!

Marylanders themselves, (with their ignoramus existence), is the other part of the problem.
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