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Old 07-20-2015, 06:02 PM
 
516 posts, read 650,068 times
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Thank you for all the information. I have a short list of areas now to check out more closely, Knoxville, Bristol, Paris, outside of Nashville area, Cookeville, and some rural areas in between (west, east and south). Most of the areas I can get to within 5.5 hours or less from here. Also still interested in Western KY, just seeing how the taxes compare, and if I would save more moving to TN. A person can go crazy doing research, and it gets frustrating, when comparing several states, and then ruling some out for one reason or another.


Need to look more into the 6% hall tax. I was under the impression that after 65 you are exempt, depending on income level? And for Capital gains, I think it's like anything over 500,000? I will check that TN.gov site. I have it bookmarked.

I am a hairdresser so hoping that I can find a job pretty easy, but would need to be near a bigger city if I live rural.

I still have a lot of time before we can move. So going to be planning more trips
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Old 07-25-2016, 07:51 PM
 
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Default Hall tax

Does anyone know whether the Hall tax (dividend/interest) is being phased out? I seem to remember something being discussed about bringing it to an end...........

Anyone know?
Thanks.
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Old 07-25-2016, 08:31 PM
 
Location: On the plateau, TN
15,205 posts, read 10,316,868 times
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Quote:
Originally Posted by Moreyhead View Post
Does anyone know whether the Hall tax (dividend/interest) is being phased out? I seem to remember something being discussed about bringing it to an end...........

Anyone know?
Thanks.

The legislature voted to raise the level which allows more senior citizens to be exempt in 2011 and 2013, with current income exemption levels at $33,000 per individual and $59,000 per couple. Under Senate Bill 32, the annual Hall Income Tax standard income exemption for taxpayers 65 years of age or older would be $37,000 for single filers and $68,000 for joint filer taxpayers beginning in January 2016.



http://www.city-data.com/forum/42261286-post9.html


.
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Old 07-25-2016, 08:50 PM
 
11,614 posts, read 31,808,854 times
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Quote:
Originally Posted by Moreyhead View Post
Does anyone know whether the Hall tax (dividend/interest) is being phased out? I seem to remember something being discussed about bringing it to an end...........

Anyone know?
Thanks.
Yes, Governor Haslam signed into law a bill back in May that will reduce the Hall tax annually until it is finally eliminated in 2022.

Gov. Bill Haslam signs Hall income tax cut, repeal into law
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Old 07-26-2016, 09:07 AM
 
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Hall tax does not impact IRAs, 401ks and most other tax deferred accounts.
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Old 07-26-2016, 11:25 AM
 
9 posts, read 17,465 times
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Thanks for the info! It will be interesting to watch how this is executed all the way to 2022. It sounds like there is a lot of wiggle room in the way the law is written.

Thanks again for the replies.............
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Old 07-28-2016, 10:50 AM
 
Location: Mount Airy, Maryland
9,454 posts, read 5,227,956 times
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Quote:
Originally Posted by arabus View Post
Hall tax does not impact IRAs, 401ks and most other tax deferred accounts.
I was wondering about that. So these withdraws are taxed by the state as regular income?
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Old 07-28-2016, 05:05 PM
 
Location: Tennessee at last!
1,870 posts, read 1,730,389 times
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Quote:
Originally Posted by DaveinMtAiry View Post
I was wondering about that. So these withdraws are taxed by the state as regular income?
hmmm, but TN does not tax regular income. They only tax income under the Hall Tax, and retirement funds are one of the types of accounts that are exempt from the Hall Tax.

So, in TN there is not a state tax on retirement account withdrawals.
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Old 07-28-2016, 08:25 PM
 
Location: On the plateau, TN
15,205 posts, read 10,316,868 times
Reputation: 9955
Quote:
Originally Posted by DaveinMtAiry
I was wondering about that. So these withdraws are taxed by the state as regular income?




Quote:
Originally Posted by lae60 View Post
hmmm, but TN does not tax regular income. They only tax income under the Hall Tax, and retirement funds are one of the types of accounts that are exempt from the Hall Tax.

So, in TN there is not a state tax on retirement account withdrawals.



^^^^ This
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Old 07-29-2016, 06:39 AM
 
Location: Mount Airy, Maryland
9,454 posts, read 5,227,956 times
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Thanks
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