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Old 10-02-2012, 12:13 PM
 
56 posts, read 126,832 times
Reputation: 40

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My husband and I are teachers in Texas and we are thinking about moving to Arkansas when we retire next year. It's a beautiful state and the property taxes are sooo much less than what we pay here. I know that there is a state income tax that is on a sliding scale up to 7% for incomes that are over 35,000. Can anybody tell me if there is any kind of break for out of state gov. pensions? Also, if we file jointly, at what amount does the 7% kick in? Thanks for your help.
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Old 10-02-2012, 01:38 PM
 
Location: Bella Vista, Ark
75,590 posts, read 88,318,961 times
Reputation: 46411
Quote:
Originally Posted by irene61189 View Post
My husband and I are teachers in Texas and we are thinking about moving to Arkansas when we retire next year. It's a beautiful state and the property taxes are sooo much less than what we pay here. I know that there is a state income tax that is on a sliding scale up to 7% for incomes that are over 35,000. Can anybody tell me if there is any kind of break for out of state gov. pensions? Also, if we file jointly, at what amount does the 7% kick in? Thanks for your help.
I am sure someone will have the answer, I know there is no break for me, but my small pension isn't a government pension...I will tell you one thing, our daughter and son in law just moved here from Texas and they can't get over how much cheaper almsot everything is..Example vet is about 1/2 or less than what they paid in Texas and I know boarding the dogs is much less expensive. Of course food isn't any differnt, some things are less, some are more, depending where in AR you are thinking of moving. We have lived her for almost 5 years after living in Texas for 13 and NM for 7. We wouldn't think of living anywhere other than NWA as long as we have a choice.

Nita
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Old 10-02-2012, 01:55 PM
 
3,391 posts, read 6,316,939 times
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If your only question is about Arkansas taxes, you should contact a tax accountant in Arkansas. Advice about something that important really shouldn't be left to an anonymous relocation forum.
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Old 10-03-2012, 06:48 AM
 
56 posts, read 126,832 times
Reputation: 40
Yes, we plan to contact an expert before we definitively decide to relocate to Arkansas. However, at this point, we were hoping that somebody could help us to decide if it was worth pursuing since it may not even be an option if our pension gets completely eaten up in state income taxes.
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Old 10-21-2012, 10:27 PM
 
Location: Hot Springs, Arkansas
389 posts, read 1,064,840 times
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We moved here about one year ago from Texas. When we filed our taxes we paid $1 in Arkansas income taxes (for two months). The reregistration of our motor vehicles was minimal and we get a $350 homestead exemption. The sales tax is higher but it is pro-rated based on what you are buying. I would hesitate to tell you for sure but you might want to play around with Turbo Tax if you can locate a copy and see what the difference might be.

For sure, the country is much prettier which is one of the reasons we moved here. It is somewhat cooler here where we live in Hot Springs and the facilities are very convenient such as eateries and medical facilities.

We just fed up with the heat, drought and wild fires of last year. We had never planned on leaving but I was about to slit my wrists last year. (118 degrees in Plano and 160 degrees on the pavement in August) Unfortunately the drought moved up here this year but we have recovered and the soil holds the moisture much better. As you must know, Texas soil is the pits. There is the "sugar sand" and clay. Up here there are rocks galore and good soil. And the traffic is much lighter. I hated to drive in the large Texas cities. Going through Little Rock is a piece of cake.

There are probably some sites that would show the difference if you check Google.
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