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Old 03-15-2007, 03:49 PM
 
Location: Ohio
28 posts, read 108,437 times
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Anyone know if bonds,dividends retirement accounts are taxed and at what percent? Looking at possibly New Mexico or Tennessee ( family) for retirement. However learned Tennessee taxes your dividends, bonds etc at
6%. Thanks.
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Old 05-15-2007, 07:54 PM
 
Location: Mesa
4,011 posts, read 8,634,278 times
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You can lookup personal income tax for NM at this site, looks confusing on the monitor but once you print it out and can see the footnotes, it's not so bad.

http://www.taxadmin.org/fta/rate/ind_inc.html (broken link)
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Old 05-15-2007, 08:00 PM
 
Location: Arlington, VA
260 posts, read 1,546,419 times
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Here's the NM-specific table:

7-2-7. INDIVIDUAL INCOME TAX RATES.--The tax imposed by Section
7-2-3 NMSA 1978 shall be at the following rates for any taxable year beginning on or after January 1, 2007:

A. For married individuals filing separate returns:
If the taxable income is: The tax shall be:
Not over $4,000 1.7% of taxable income
Over $ 4,000 but not over $ 8,000 $ 68.00 plus 3.2% of excess over $ 4,000
Over $ 8,000 but not over $ 12,000 $ 196 plus 4.7% of excess over $ 8,000
Over $ 12,000 $ 384 plus 4.9% of excess over $ 12,000.

B. For surviving spouses and married individuals filing joint returns:
If the taxable income is: The tax shall be:
Not over $8,000 1.7% of taxable income
Over $ 8,000 but not over $ 16,000 $ 136 plus 3.2% of excess over $ 8,000
Over $ 16,000 but not over $ 24,000 $ 392 plus 4.7% of excess over $ 16,000
Over $ 24,000 $ 768 plus 4.9% of excess over $ 24,000.

C. For single individuals and for estates and trusts:
If the taxable income is: The tax shall be:
Not over $5,500 1.7% of taxable income
Over $ 5,500 but not over $ 11,000 $ 93.50 plus 3.2% of excess over $ 5,500
Over $ 11,000 but not over $ 16,000 $ 269.50 plus 4.7% of excess over $ 11,000
Over $ 16,000 $ 504.50 plus 4.9% of excess over $ 16,000.

D. For heads of household filing returns:
If the taxable income is: The tax shall be:
Not over $7,000 1.7% of taxable income
Over $ 7,000 but not over $ 14,000 $ 119 plus 3.2% of excess over $ 7,000
Over $ 14,000 but not over $ 20,000 $ 343 plus 4.7% of excess over $ 14,000
Over $ 20,000 $ 625 plus 4.9% of excess over $ 20,000.

E. The tax on the sum of any lump-sum amounts included in net income is an amount equal to five multiplied by the difference between:
(1) the amount of tax due on the taxpayer's taxable income; and
(2) the amount of tax that would be due on an amount equal to the taxpayer's taxable income and twenty percent of the taxpayer's lump-sum amounts included in net income.
(Laws 2003, Chapter 2, Section 6)
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Old 11-28-2009, 07:08 PM
 
1 posts, read 3,761 times
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Just punch in the nymbers with an income tax calculator try, [url=http://www.income-tax-calculator.org]Income Tax Calculator - Calculate your income taxes[/url]
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Old 11-29-2009, 02:12 PM
 
Location: 5,400 feet
2,613 posts, read 2,573,574 times
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New Mexico uses your federal taxable income as a basis for state income tax, subject to certain adjustments (form PIT-ADJ).

I always advise that you use the state's web site, not a third party site, for this info. Start here:
http://www.tax.state.nm.us/forms/year08/individual.htm
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Old 11-29-2009, 06:58 PM
 
Location: Santa Fe
713 posts, read 1,625,482 times
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jim is right. If it is taxable by the feds, it'll be taxable in NM.
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Old 11-30-2009, 11:06 AM
 
Location: Phoenix,AZ
143 posts, read 323,606 times
Reputation: 121
Default Social securtity income?

Seems like I read somewhere that SS income in NOT taxed (state) in NM.
Can someone confirm that?

I imagine all of the $$#'s reference in earlier posts are going to be much higher in the future!

thanks.
good info
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Old 11-30-2009, 11:52 AM
 
Location: New Mexico U.S.A.
25,310 posts, read 41,394,152 times
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Quote:
Originally Posted by Bear's Mom View Post
Seems like I read somewhere that SS income in NOT taxed (state) in NM.
If you pay Federal tax on SS Income, then you probably will pay tax on it in NM:



http://www.tax.state.nm.us/tax/trd_ques.htm#pit

Quote:
New Mexico imposes a tax on the net income of every resident. Residents are taxed on the net income from employment, unearned income, gambling, pensions, annuities, and income from real or personal property in this state or from businesses located in this state.

New Mexico's personal income tax "piggybacks" on the federal return and uses the federal adjusted gross income figure as its base. Net income usually equals federal taxable income, although some special deductions are available. New Mexico uses the same dollar amounts as the federal government for personal exemptions, standard deductions and itemized deductions.
Rich

Last edited by Poncho_NM; 11-30-2009 at 01:53 PM.. Reason: git beter spelngs!!!
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Old 11-30-2009, 12:52 PM
 
Location: Albuquerque
5,549 posts, read 14,215,403 times
Reputation: 2700
Quote:
Originally Posted by kikiart_4U
However learned Tennessee taxes your dividends, bonds etc at 6%.
According to here:
Tax Tables for bond income by state.
Tennessee taxes at 6% if you make more than $1,250 per person
in your household. ( I looked it up thinking it would be like NM
that just lumps it into overall taxable income as it should. )

In NM if you have taxable bond income of $10,000 or more, it's 4.7%.
Effectively, there is no difference between NM and TN if you are living
on bond income. For $10k income, you pay $130 more tax in NM - BFD.

If you have $100k bond income, your rate is 4.9% and the difference
is $1,100. Again, BFD. (*)

BTW, in TN, if you have taxable bond income of $11,500, your effective
tax rate is 4.7% due to the $2,500 exclusion. All income above that is
at the 6% rate.

Life's too short to live where you don't like it. When you retire, choose the
place that you like the best and figure out how to live within your means.
Picking a place based on saving a few dollars in taxes is just nuts.

(*) Big Friggin' Deal <--- I don't cuss on the forum.

Last edited by mortimer; 11-30-2009 at 01:16 PM..
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Old 12-01-2009, 11:53 AM
 
Location: Sequim, WA
786 posts, read 1,906,307 times
Reputation: 888
Quote:
Originally Posted by mortimer View Post
Life's too short to live where you don't like it. When you retire, choose the place that you like the best and figure out how to live within your means. Picking a place based on saving a few dollars in taxes is just nuts. (*) Big Friggin' Deal <--- I don't cuss on the forum.
It looks like the original poster disappeared from the forum about 2 1/2 years ago. Still...it's a good topic. I would add to Mortimer's comment: These days, considering the financial health (or lack of) of so many states, it would be very risky to place a lot of emphasis on the present tax structure of a state. Expect taxes for many states to change at a rate not seen in years beginning next year. So...if one is choosing to move to a state because of any tax advantages, by the time they actually get up and make the move, taxes in their "state of choice" may have changed (uh...risen) drastically!
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