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Old 11-06-2007, 08:10 PM
 
Location: Forests of Maine
30,682 posts, read 49,449,101 times
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If I may point something out some states have both income tax 'Deductions' and 'Exemptions'.

For example here we have a 'Personal Exemption' of $5,700 for a married couple plus $2,850 for each dependent.

Plus the 'Standard Deduction' of $8,600 for married filing jointly.

SS is exempt from taxes, and government pensions get another $6,000 exemption.

So a married couple on pension can earn $14,300 tax-free [5,700 + 8,600 = 14,300] and their first $6,000 of any government pension is also tax-free.

So SS is tax-free.
If you get a government pension the first $20,300 is tax-free.
If you do not get a government pension the first $14,300 is tax-free.

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Old 11-06-2007, 11:25 PM
 
Location: Prospect, KY
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Please note the $41,100 tax exemption for pension income in KY - that is huge and a definite consideration for those on a fixed income.
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Old 11-07-2007, 05:13 AM
 
Location: Forests of Maine
30,682 posts, read 49,449,101 times
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Quote:
Originally Posted by Cattknap View Post
Please note the $41,100 tax exemption for pension income in KY - that is huge and a definite consideration for those on a fixed income.
"Of up to 41,100" is that a sliding scale?

My pension is considerably less than 41K

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Old 11-07-2007, 02:01 PM
 
Location: Prospect, KY
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I wrote the KY tax board and was told that the first $41,100 of all pension income is tax exempt, beyond that you would have to contact them and ask them.
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Old 11-07-2007, 02:11 PM
 
Location: Prospect, KY
5,288 posts, read 17,958,968 times
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Here is a link for you - scroll down to the second page and you will see that the tax is zero up to $41,100....I believe this is a deduction only available to those who do not itemize their tax return, or I may not be understanding it correctly.

Forest - it looks like you would have no KY state income tax due on your pension provided it was under $41,100.http://revenue.ky.gov/NR/rdonlyres/8...0P_Final05.pdf
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Old 11-07-2007, 02:51 PM
 
Location: Forests of Maine
30,682 posts, read 49,449,101 times
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I do apologize.

I miss-understood.

The quoted section of post #30 says "Up to 41k" which told me that the amount is the cap. Now it is said that the exemption "is" 41k.

These two phrases mean entirely different things, thus my misunderstanding.

My 'bad'.

I do apologize.



During my last tour of duty overseas, we studied as best as we could to try and find where we would do best upon our return stateside. It appeared that Maine would best to suit us, due to it's low taxes and low property prices. We have found that living here on my pension, we are comfortable.

Perhaps now [six years later] Kentucky would have been better.

I found wonderful riverfrontage forest for $950/acre, and since moving here my in-laws have been buying forest here for $350/acre. And we have found that property taxes are very low.

It is certainly possible that land in Kentucky is cheaper, and it is possible that property taxes in Kentucky are also far cheaper than Maine's.

May God bless you.
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Old 11-07-2007, 04:23 PM
 
Location: Utopia
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Re: Cost of Living 2nd Quarter - 2007]

Am I blind or is New Hampshire NOT on that list??????
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Old 11-08-2007, 08:06 AM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,580,637 times
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Forestbeekeeper? How much is your heating bill during the winter? Do you get snowed in on your property? Maine is looking interesting and we loved your pictures. We have lived in snow country before, so I think we could readapt if we need to stretch our savings. Thanks
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Old 11-08-2007, 09:05 AM
 
Location: Forests of Maine
30,682 posts, read 49,449,101 times
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Quote:
Originally Posted by MotleyCrew View Post
Forestbeekeeper? How much is your heating bill during the winter? Do you get snowed in on your property? Maine is looking interesting and we loved your pictures. We have lived in snow country before, so I think we could readapt if we need to stretch our savings. Thanks
Last winter cost us on average $500/month to heat through the winter. We began the winter with no insulation. And during the course of the winter, I was spraying foam insulation onto the roof and walls, and hanging 9 inches of fiberglass batting. We started with R-0 and just as the last of the snow melted we finished with R-40.

We used a combination of kerosene and propane to heat last winter.

Now my stove is in place, as is our radiant floor system. I do not know how much our heating bill is going to be this winter.

We have lived in Maine for two+ winters. Our first winter, we rented an apartment, while I was building the house. The second winter we lived in the house [uninsulated].

Generally once a week, a storm blows through. Each time they call for 8 to 12 inches of snow. We normally get 3 to 4 inches. By 8 am the roads are cleared. usually by mid-morning the day after the storm it is sunny and clear again.

Last winter we did get one snow storm with a foot of snow. For that storm, we did use the snow shovels and we cleared snow for a few hours.

Our driveway is 300 foot long by 40 foot wide, straight and level. The site-work contractor owns four stone quarries, he brought in hundreds of truckloads of stone-crusher dust to make our driveway. They dumped it three foot tall by 40 foot wide and packed it down. So our driveway is well above the surrounding forest soil level. The propane delivery trucks do not like driving on ice, if they can not see the ditches, so they ask us to clear our driveway 12 foot wide before they come out.

Normally for us, I drive our cars up and down the driveway a dozen times, to pack down the snow and to make ice tire tracks. And for our cars it is fine. But this track is not wide enough for the propane delivery trucks. So every other week, during a sunny day, I go out with our snow-thrower, and I widen the cleared path out to 12 foot wide, so that the propane truck driver can see it is cleared wide for him.

Most storms that blow through dump their snow and are gone, and we have five to six days of sunny alternating with cloudy, before the next storm blows through.

The snow out in our forest does pile-up a bit, it seems to pile-up to about two foot deep at most. If no livestock are wandering through it. If the snow is left alone with nobody walking in it, it gets the thickest.

Here is during a snow storm, sitting on the road, looking down our driveway, you can see our motorhome 100foot down the driveway, and our house another 200foot beyond that.



Here are our goats following me around the day after last winter's biggest storm:





Our driveway, we had used the snow-thrower to clear the driveway:



Still following me:





This is the most that it ever piled-up on the sides of our driveway last winter.
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Old 11-08-2007, 12:41 PM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,580,637 times
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What a beautiful spot you have and thank you for the information. Not too bad considering how cold it gets there. We spent well over $300 a month for propane in N.CA 4 years ago.
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