Tax my Retirement (Londonderry: income, moving to, pool)

[texdave]

Moving to the Londonderry area from the south. Does NH tax my retirement money.

[Jeff_NH]

If your retirement money is a pension, I don't believe it would be considered interest or dividend. Social Security is not taxed. 401K or IRA distributions are not taxed.

NH has a 5% tax on interest and dividends exceeding $2,400 annually ($4800 for a couple).. Obviously interest and dividends still 'inside' things like 401Ks and IRAs are not taxed.

I would assume many people in retirement may have savings/stocks outside an IRA or 401K and certainly for a modest/large pool of money in that category - interest and dividends would be taxed. Of course with artificially low interest rates these days, it is harder to hit the threshold where taxed.

Not a tax adviser , nor in retirement - if anything here is wrong, I offer a full refund of the amount paid for this advice

[Vacanegro]

Originally Posted by Jeff_NH

If your retirement money is a pension, I don't believe it would be considered interest or dividend. Social Security is not taxed. 401K or IRA distributions are not taxed.

NH has a 5% tax on interest and dividends exceeding $2,400 annually ($4800 for a couple).. Obviously interest and dividends still 'inside' things like 401Ks and IRAs are not taxed.

I would assume many people in retirement may have savings/stocks outside an IRA or 401K and certainly for a modest/large pool of money in that category - interest and dividends would be taxed. Of course with artificially low interest rates these days, it is harder to hit the threshold where taxed.

Not a tax adviser , nor in retirement - if anything here is wrong, I offer a full refund of the amount paid for this advice

401K/IRA distributions are taxed as ordinary income depending on the income taken and tax bracket. Distributions are mandatory after 70.

Roth IRAs are not taxed (they are after tax money).

SS contributes to your taxable income bracket.

[flyonpa]

Originally Posted by Vacanegro

401K/IRA distributions are taxed as ordinary income depending on the income taken and tax bracket. Distributions are mandatory after 70.

Roth IRAs are not taxed (they are after tax money).

SS contributes to your taxable income bracket.

For Federal, NOT NH.