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Old 12-15-2009, 07:44 AM
 
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Which states do not tax IRA withdrawals, annuities, pensions, etc., after age 59 1/2? Michigan is one of them. Does anyone know of any others?
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Old 12-15-2009, 07:56 AM
 
Location: Central Maine
4,687 posts, read 5,535,198 times
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I don't know if there's a good, comprehensive list of states and their tax laws regarding various forms of income. Some states don't tax state pensions; others do. Some states don't tax federal pensions; most do. For IRAs .... I don't know, although it is my understanding that most states exempt at least a portion of income from an IRA.

And (naturally) tax laws are subject to change.

Here's a link to an article that may help.

The Basics -- Which states give retirees the best deal? - MSN Money (http://moneycentral.msn.com/articles/retire/basics/9838.asp - broken link)
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Old 12-15-2009, 08:24 AM
 
Location: Illinois
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Try retirementliving.com. This lists the states alphabetically and gives you all the taxing information you would need.
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Old 12-15-2009, 08:43 AM
 
Location: Central Mississippi
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Mississippi is one of those states. You also don't pay property tax if the assessed value (much less that appraised value) is less than $75000.
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Old 12-15-2009, 09:22 AM
 
Location: DC Area, for now
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Quote:
Originally Posted by LynnKK View Post
Try retirementliving.com. This lists the states alphabetically and gives you all the taxing information you would need.
Not quite. It is a starting point but there are errors in that site. It pays to do more research. I have found no site that gets it all correct.
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Old 12-15-2009, 09:32 AM
 
1,915 posts, read 4,605,233 times
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Quote:
Originally Posted by GreenGene View Post
I don't know if there's a good, comprehensive list of states and their tax laws regarding various forms of income. Some states don't tax state pensions; others do. Some states don't tax federal pensions; most do. For IRAs .... I don't know, although it is my understanding that most states exempt at least a portion of income from an IRA.

And (naturally) tax laws are subject to change.

Here's a link to an article that may help.

The Basics -- Which states give retirees the best deal? - MSN Money (http://moneycentral.msn.com/articles/retire/basics/9838.asp - broken link)

This is a good article. I couldn't see the date it was written, however.
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Old 12-15-2009, 09:33 AM
 
1,915 posts, read 4,605,233 times
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Quote:
Originally Posted by Tesaje View Post
Not quite. It is a starting point but there are errors in that site. It pays to do more research. I have found no site that gets it all correct.
You're correct. Some entries are incorrect or have changed since it was compiled. It's a complicated task to look at all aspects of taxes for retirees for each state. Plus, the sales taxes can change city to city.
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Old 12-15-2009, 10:34 AM
 
Location: southwest TN
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Tennessee has no income tax and property prices and taxes are quite low in the western part but it does have high sales tax. We bought our retirement home south of Jackson, TN because of all that.
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Old 12-15-2009, 11:45 AM
 
5,822 posts, read 13,312,141 times
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This article provides most of the information you are interested in:
Tax-Free-in-the-Rust-Belt: Personal Finance News from Yahoo! Finance
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Old 12-16-2009, 07:20 AM
 
Location: Forests of Maine
30,678 posts, read 49,430,310 times
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Quote:
Originally Posted by LynnKK View Post
Try retirementliving.com. This lists the states alphabetically and gives you all the taxing information you would need.
With a lot of misrepresentation and error.
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