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Fun with State Taxes

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  • Fun with State Taxes

    There are plenty of online resources if you want to retire where taxes (State income and Sales Taxes) are lower and which states that have income taxes do not tax Social Security or your retirement check.

    So fun facts for this month

    13 States tax Social Security [B] Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont and West Virginia. (From Kippllnger)

    7 States have no State income tax Alaska, Florida, Nevada, New Hampshire, Texas, Washington and Wyoming (From Kipplinger)

    5 States have no statewide sales tax Alaska, Delaware, Montana, New Hampshire and Oregon (as Above)

    Highest SALES TAX Tennessee, Arkansas, Alabama and Louisiana (Money Magazine) (Highest average combined taxes)

    California has the highest state sales tax by itself 7.5% (tax foundation)

    link here for sales taxes

    State and Local Sales Tax Rates in 2015 | Tax Foundation
    Last edited by whereigo; 11-28-2015, 12:51 AM.

  • #2
    Colorado taxes your Social security because the Federal Government calculates a portion of Social Security right into your Federal Taxable Income. There is a work sheet that is not indexed for inflation where you calculate Taxable Social Security Income so the feds keep whittling a bit more away each year. That number directly impacts your Federal Taxable Income and ultimately the tax you pay.

    Colorado income tax is calculated as a percentage of your Federal Taxable Income less a maximum pension income exclusion per individual.
    Pension exclusion income includes 401K, IRA, Taxable SS, Company pensions etc.
    i.e. $30k Fed Taxable income less $27k pension exclusion for husband & wife = $3k x 4.63% Colorado Income tax.

    John
    LaPorte, Colorado
    2003 F250 Superduty 6.0 Diesel, Auto - 2004 Sunnybrook Solanta 2816 - 2004 Brakesmart - 2006 Hensley Arrow


    To be Old and Wise, You Must First be Young and Stupid!

    Don't do something permanently stupid just because you're temporarily upset!

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    • #3
      Originally posted by whereigo View Post
      7 States have no State income tax Alaska, Florida, Nevada, New Hampshire, Texas, Washington and Wyoming (From Kipplinger)
      its my understanding that South Dakota doesn't have an income tax .... that is a major reason so many full timers do the paperwork necessary to make SD their state of legal residence
      Jim
      '06 SunnyBrook Titan 34BWKS
      '07 Freightliner Sportchassis
      '11 Chevy Silverado 1500
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      '17 Elio reserved

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      • #4
        Taxes

        Originally posted by JEBar View Post
        its my understanding that South Dakota doesn't have an income tax .... that is a major reason so many full timers do the paperwork necessary to make SD their state of legal residence
        Same for Florida, they make it very easy to become a resident. Just get a street address from Good Sam mail forwarding and presto, you're a Floridian.
        Daniel Piippo
        Dan & Cricket - ON THE ROAD,
        08 F-350, SD ,PSD, 4X4 DRW ,C/C LB,Tow Boss 4.30,
        5 Speed Auto, Valley Tow 20K Slider, Marquis 5.5KW Propane Vapor
        "11" FLTRU Road Glide Ultra, 2003 FXDL Dyna Low Rider. 08 Sunnybrook Titan 391SURV
        Retired,
        Elio reserved,All In, 100 Shares purchased

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        • #5
          YOU are correct, Kipplinger goofed or I read it wrong , (we know it couldn't be that )South Dakota does not collect a personal income tax

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          • #6
            Oklahoma taxes don't sound that high compared to some states.
            On the other hand, they tax everything.
            Including food, and medicine.
            When we lived in Ca. they didn't tax food, or medicine.
            Lee
            Lee & Mamie http://www.youtube.com/v/4FrGxO2Fn_Msigpic
            Buy American, The Job You Save May Be Your Own
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            • #7
              Originally posted by staggerlee View Post
              Oklahoma taxes don't sound that high compared to some states.
              On the other hand, they tax everything.
              Including food, and medicine.
              When we lived in Ca. they didn't tax food, or medicine.
              Lee
              They want you back!
              2011 Jayco Eagle 351RLTS, MorRyde hitchpin
              06 F350 Lariat PSD CC,LB,SRW, 3.73, EGR delete kit,Timbrens
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              Elle and BJ

              In the past:
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              04 30RKFS SB Titan

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              • #8
                Originally posted by norty View Post
                They want you back!
                That's not happenning.
                Mexico can have it back.
                Lee & Mamie http://www.youtube.com/v/4FrGxO2Fn_Msigpic
                Buy American, The Job You Save May Be Your Own
                04 - 2500 Chevy CC Silverado - D/A
                07 - Tahoe LTZ w/tow package,
                16K Pullrite Super Slide
                2006 Excel 30RSO
                All Made In the U.S.A.

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                • #9
                  Anyone who knows someone who may not have health insurance and makes over $9,500 a year, they should immediately change their tax withholding for 2016 to withhold LESS tax !

                  here's the penalty for 2015 tax returns but the IRS can only reduce refunds, they can not bill you


                  $695 per person penalty for income above $9,500 and below $37,000. Most minimum wage families fall in here.

                  $695 per-person penalty is only for those who make between $9,500 and ~$37,000 per year. If you make less your exempt. This is per person, the maximum for a family is up to 3 times that or $2,085

                  At around $50,000 of income the penalty is $1,000

                  it continues to go up as income for person/family rises,:sorry:

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                  • #10
                    Rhode Island

                    Worst of the worse, the only reason we are still here is my children and grandchildren are all here and whatever I would save by moving my wife and I would spend traveling back to see them. I view it as admission to see all their sports/school/birthdays/holidays and spend time with them.
                    Westwind
                    Rhode Island
                    2015 GMC Sierra 3500 D/A CC, Short Bed, Iridium
                    2008 GMC D/A Xtended Cab, Short Bed, Stealth Grey
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                    • #11
                      Fun for this week

                      lots of Social Security questions and income taxes?

                      Well here is the easy stuff

                      Individual filers: if your Total income exceeds $25,000 you will owe Federal income tax on your social security benefits

                      Joint filers: If your Total income exceeds $ 32,000 you will owe federal income tax

                      Your taxable pensions, wages, interest, dividends, and other taxable income is what is included in total income

                      Se IRS pub 915, maybe linked below
                      https://www.irs.gov/pub/irs-pdf/p915.pdf

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