I assume a tax advisor would need to answer this but assuming I retire overseas (Portugal) would any state tax my federal retirement income and interest income? Not sure how that would work.
Scott
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From: TSP_Strategy@yahoogroups.com <TSP_Strategy@yahoogroups.com>
Date: Wednesday, Jul 11, 2018, 1:28 AM
To: TSP_Strategy@yahoogroups.com <TSP_Strategy@yahoogroups.com>
Subject: [TSP_Strategy] Digest Number 5375
3 Messages
Digest #5375
1a
CA State tax withholding by "John Crotty" vpf116prez
1b
Re: CA State tax withholding by sarah_oz
2
States that Don't Tax Federal or State Pensions by sarah_oz
Messages
Tue Jul 10, 2018 5:28 pm (PDT) . Posted by:
"John Crotty" vpf116prez
Does anyone know a method to get TSP to withhold CA income tax on monthly withdrawals? They'll withhold Fed taxes and report what they give us to the State.
John
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John
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Tue Jul 10, 2018 6:04 pm (PDT) . Posted by:
sarah_oz
The TSP does not withhold for state, city, county, or other local income tax. Therefore, you should consult your tax advisor or relevant state or local taxing authorities regarding any potential tax obligations to them.
Tue Jul 10, 2018 6:03 pm (PDT) . Posted by:
sarah_oz
States That Don't Tax Federal or State Pensions
July 31, 2011
By: Beverly Bird
A total of 17 states decline to tax residents on federal or state pension income as of the date of publication. Some have no income tax at all; others specifically exempt pensions from taxation. A handful of other states are tax friendly to retirees in other ways. All told, if you're looking to retire without an undue tax burden, roughly half of the United States tries to accommodate you to some extent.
States With No Income Tax
It doesn't matter where your income comes from in Wyoming, Alaska, Florida, Washington, Nevada, Texas and South Dakota. These seven states have no income tax. An additional two states, New Hampshire and Tennessee, have no income tax, but they will tax interest income. If you're using the interest from investments to help you make ends meet in retirement, these states take a portion of it.
States That Exempt Government Pensions An additional ten states impose income taxes, but not on state or federal pensions. In Alabama, Hawaii, Illinois, Kansas, Louisiana, Massachusetts, Michigan, Mississippi, New York and Pennsylvania., your public pension income is tax free. Virginia also generally exempts Social Security income.. Alabama, Hawaii, Mississippi, Pennsylvania and Illinois exempt certain private retirement plans from taxation as well.
States With Other Exemptions Of states with income tax, Connecticut, Hawaii, Kansas, Louisiana, Massachusetts, Michigan, Minnesota, Mississippi. New Jersey, New York, Ohio, Pennsylvania and Wisconsin do not tax military pensions. Other states limit taxes on military pensions, but have some restrictions: Kentucky, Missouri, North Carolina and Oregon. Arizona, Oklahoma, Idaho and the District of Columbia offer some tax breaks for in-state pensions..
Retirement States to Avoid California won't impose a tax on your Social Security income, but it taxes all pensions. Nebraska taxes Social Security; the state exempts only railroad retirement benefits, which are protected by federal law. Vermont taxes pension income, up to 8.95 percent in Vermont. Vermont also exempts railroad retirement benefits, however. Connecticut actually requires tax withholding from pensions. Rhode Island taxes all retirement income, including Social Security, although its tax rate is only 5.99 percent. Colorado, Montana, New Mexico, North Dakota, West Virginia and Utah also tax Social Security to some extent.
July 31, 2011
By: Beverly Bird
A total of 17 states decline to tax residents on federal or state pension income as of the date of publication. Some have no income tax at all; others specifically exempt pensions from taxation. A handful of other states are tax friendly to retirees in other ways. All told, if you're looking to retire without an undue tax burden, roughly half of the United States tries to accommodate you to some extent.
States With No Income Tax
It doesn't matter where your income comes from in Wyoming, Alaska, Florida, Washington, Nevada, Texas and South Dakota. These seven states have no income tax. An additional two states, New Hampshire and Tennessee, have no income tax, but they will tax interest income. If you're using the interest from investments to help you make ends meet in retirement, these states take a portion of it.
States That Exempt Government Pensions An additional ten states impose income taxes, but not on state or federal pensions. In Alabama, Hawaii, Illinois, Kansas, Louisiana, Massachusetts, Michigan, Mississippi, New York and Pennsylvania.
States With Other Exemptions Of states with income tax, Connecticut, Hawaii, Kansas, Louisiana, Massachusetts, Michigan, Minnesota, Mississippi. New Jersey, New York, Ohio, Pennsylvania and Wisconsin do not tax military pensions. Other states limit taxes on military pensions, but have some restrictions: Kentucky, Missouri, North Carolina and Oregon. Arizona, Oklahoma, Idaho and the District of Columbia offer some tax breaks for in-state pensions..
Retirement States to Avoid California won't impose a tax on your Social Security income, but it taxes all pensions. Nebraska taxes Social Security; the state exempts only railroad retirement benefits, which are protected by federal law. Vermont taxes pension income, up to 8.95 percent in Vermont. Vermont also exempts railroad retirement benefits, however. Connecticut actually requires tax withholding from pensions. Rhode Island taxes all retirement income, including Social Security, although its tax rate is only 5.99 percent. Colorado, Montana, New Mexico, North Dakota, West Virginia and Utah also tax Social Security to some extent.
Neither the TSP Strategy group, nor individual members, are licensed or authorized to provide investment advice. Any statements made herein merely reflect the personal opinions of the individual group member. Please make your own investment decisions based upon your personal circumstances.
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Posted by: "Kirby, Scott T" <Scott.T.Kirby@ice.dhs.gov>
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