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Old 01-07-2016, 12:16 PM
 
Location: Mount Airy, Maryland
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I have been looking to retire in Tennessee. As I won't be working the lack of state income tax was not that beneficial but I figured not being taxed on our investment withdraws would be a plus. Did I just read that interest and dividends, in other words the only income we would have other than SS, is taxed by the state?
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Old 01-07-2016, 12:57 PM
 
Location: A Yankee in northeast TN
9,495 posts, read 13,353,236 times
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The Hall tax? I thought you were already aware of that, it gets mentioned fairly often, but maybe more in the retirement forum than here. I'm not familiar with all the ins and outs, but maybe some of our other posters who are already retired can chime in.
https://www.tn.gov/revenue/topic/hall-income-tax
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Old 01-07-2016, 01:22 PM
 
Location: Mount Airy, Maryland
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Is that what it is called? Looks like it's been in effect for a long time. Yeah I hope others can help. The retirement board is full of people from all over, hard to get help from Tennessee retirees.

Thanks DoubleT!
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Old 01-07-2016, 03:52 PM
JRR
 
Location: Algood/Cookeville TN
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What I understand from my research is that income within and distributions from retirement accounts, including IRAs, is not taxable. Also income from an annuity is not taxable.

Other dividend and interest income is taxable, with an exemption of $1250 for an individual or $2500 for a couple. Hopefully someone who lives in Tennessee can confirm if I am correct on this.
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Old 01-07-2016, 04:21 PM
 
Location: On the plateau, TN
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Read this thread....


Cookeville the 4th cheapest city for retirement
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Old 01-07-2016, 08:08 PM
 
Location: Tennessee
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Quote:
Originally Posted by JRR View Post
What I understand from my research is that income within and distributions from retirement accounts, including IRAs, is not taxable. Also income from an annuity is not taxable.

Other dividend and interest income is taxable, with an exemption of $1250 for an individual or $2500 for a couple. Hopefully someone who lives in Tennessee can confirm if I am correct on this.
This is correct. With the sales tax being 9%+ and sales tax on essentials (groceries, clothing, etc.), TN is not as tax friendly to retirees on limited incomes as it is to high income working folks.
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Old 01-08-2016, 05:51 AM
 
Location: Mount Airy, Maryland
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Quote:
Originally Posted by Bones View Post
Thanks, the thread was on target but a bit incomplete, at least for me. I'm specifically interested in the income limits. So if interest from retirement accounts and income from SS are exempt and the limiit is now $68,000 for a couple just from other investment income or future part time work trust me we're good.
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Old 01-09-2016, 11:32 AM
 
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Perhaps someone can help me learn more about the senior exemption.

Somewhere I read that other income is counted towards the exemption and the total income had to be under 37/68K. Or is the exemption applied to the interest/dividend income only .
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Old 01-09-2016, 01:35 PM
 
Location: Knoxville, Tennessee
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Quote:
Originally Posted by creeksitter View Post
Perhaps someone can help me learn more about the senior exemption.

Somewhere I read that other income is counted towards the exemption and the total income had to be under 37/68K. Or is the exemption applied to the interest/dividend income only .
Any person 65 years of age or older having a total annual income below specific limits is completely exempt from the tax. Total annual income means income from any and all sources, including social security. All income should be included, regardless of whether it is taxable for federal purposes. The income also should not be adjusted for any losses.

https://www.tn.gov/revenue/article/h...and-deductions
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Old 01-10-2016, 12:23 AM
 
Location: Tennessee at last!
1,870 posts, read 1,725,562 times
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knapster, for the Hall tax, would it be due on stocks it they are sold but the money is immediately reinvested? I am guessing the sold year would be when the taxes are due, whether reinvested or not, but am not sure.
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