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Old 01-14-2015, 09:22 PM
 
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
5,388 posts, read 3,763,063 times
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Greetings:

I know the state does not tax payroll income (paychecks)--though they make up for it with a 2% property tax.

What about when people reach retirement age and start using their 401K proceeds....does the state tax you on such income?

Thanks.
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Old 01-15-2015, 04:27 AM
 
9,488 posts, read 13,655,585 times
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Quote:
Originally Posted by elchevere View Post
What about when people reach retirement age and start using their 401K proceeds....does the state tax you on such income?
No. There's no tax on any personal income, regardless of its source.

At one time, Florida had an Intangibles Tax wherein you were taxed based upon the amount of stocks, bonds, etc., you held (not sold; held), but even that was repealed back in 2007 or so.
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Old 01-16-2015, 10:27 AM
 
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
5,388 posts, read 3,763,063 times
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Good to know...I am fairly certain CA does and I know for a fact even if I pick up and relocate to Florida, CA will come after me and attempt to collect taxes on my 401K monies (even if I no longer live there), claiming the monies were earned while I lived in CA...have not yet checked with my CPA but I wonder how successful they would be in being able to collect such monies even if I were never to step foot in the state again.
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Old 01-16-2015, 04:20 PM
 
9,488 posts, read 13,655,585 times
Reputation: 23714
Quote:
Originally Posted by elchevere View Post
Good to know...I am fairly certain CA does and I know for a fact even if I pick up and relocate to Florida, CA will come after me and attempt to collect taxes on my 401K monies (even if I no longer live there), claiming the monies were earned while I lived in CA...have not yet checked with my CPA but I wonder how successful they would be in being able to collect such monies even if I were never to step foot in the state again.
What you think you know for a fact hasn't been true for about 20 years. A federal law was passed back in the mid 1990s that prohibits states from trying to do just that. In fact, I believe it was passed specifically because of California's (and New York's) harassment of former residents.
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Old 01-16-2015, 05:03 PM
 
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
5,388 posts, read 3,763,063 times
Reputation: 4107
Good....thanks for clarifying.
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