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Old 08-22-2011, 05:36 AM
 
8,243 posts, read 11,959,504 times
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Quote:
Originally Posted by mrgoodwx View Post
One thing about North Carolina - If you have a federal pension and had at least 5 years of service by Aug 12, 1989...you qualify for the "Bailey exemption." You don't have to pay any state income tax on that pension.
Yes, and that also applies to distributions from one's TSP (401k equivalent) account.
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Old 08-22-2011, 06:04 AM
 
Location: Forests of Maine
30,745 posts, read 49,579,522 times
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While it is important to review each state's tax brackets; there are also varying deductions and exemptions.

While Maine does tax pensions, Maine does not tax my pension. Simply because my pension falls below the combined standard deduction and exemptions.

There are more things to consider than simply tax brackets.

And there are more states that will not tax your pension.

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Old 08-22-2011, 04:01 PM
 
Location: Prescott AZ
6,141 posts, read 9,125,189 times
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Default They don't know

I asked the state of NC about my state pension from AZ. Wanted to know if it would be taxed. The answer came back, : we don't know. You need to speak to an accountant.
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Old 08-28-2011, 12:44 AM
 
11,191 posts, read 10,258,079 times
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Here's another great link for some valuable information. Very informative, imo. Have a look ....

Best States for Retirement – 2011 Edition Topretirements
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Old 08-28-2011, 06:38 AM
 
Location: Los Angeles area
14,018 posts, read 17,792,060 times
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Quote:
Originally Posted by HereOnMars View Post
Here's another great link for some valuable information. Very informative, imo. Have a look ....

Best States for Retirement 2011 Edition Topretirements
Indeed, this is an excellent link. They do a good job of explaining their criteria and refusing to gloss over complexities, yet at the same time it's fairly brief.
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