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Is there an Online Retirement Revenue Tax Calculator?
Old 10-12-2015, 09:20 AM   #1
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Is there an Online Retirement Revenue Tax Calculator?

We are weighing various states for our retirement destination, specifically Oregon, IL or NC. However, my head hurts trying to calculate "what's left over", our net, from our retirement revenue stream of my wife's teacher's pension, my SS and the 4% from our nest egg I have come across listings but unless I have an appointment with my CPA, I do not know how to calculate our net, which is important for us to do our retirement budgeting. Some states have discounts for seniors regarding their real estate tax depending on their tax bracket.

Does anyone know of an online calculator where you can input your revenue amounts and it let's you know the tax bite of that state?

Thank you
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Old 10-12-2015, 09:28 AM   #2
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I use Tax-Rates.org - The Tax Information Portal with good success. It's simple to use, you can put in as little or as much info as you like and best of all...it's FREE!

edit: On the first page, it appears to be VERY SIMPLE. Just two or three fields to enter. BUT...once you put in that info, another screen will open that will allow you add in many different variables. So it's not as simple as it appears on the first page.
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Old 10-12-2015, 10:15 AM   #3
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This is a nice site. However, be aware that the calculator is for 2014 taxes due in 2015. Should be pretty close....

Quote:
Originally Posted by FlyBoy5 View Post
I use Tax-Rates.org - The Tax Information Portal with good success. It's simple to use, you can put in as little or as much info as you like and best of all...it's FREE!

edit: On the first page, it appears to be VERY SIMPLE. Just two or three fields to enter. BUT...once you put in that info, another screen will open that will allow you add in many different variables. So it's not as simple as it appears on the first page.
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Old 10-12-2015, 01:33 PM   #4
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All I can say is IL is a mess and there is no end in sight for the calamity that is IL government. We are here and will bolt the 1st day of retirement. YMMV.
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Old 10-12-2015, 02:22 PM   #5
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Also Google Turbotax Taxcaster, which is also free and fairly simple to use.


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Old 10-12-2015, 02:37 PM   #6
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Kiplinger has an state by state website which lists current state income tax, property tax, and also the tax breaks for retirees. Be aware that the terms of retirement are for those over 65 in most cases....

Not a calculator. But useful.
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Old 10-12-2015, 08:20 PM   #7
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Quote:
Originally Posted by Amethyst View Post
This is a nice site. However, be aware that the calculator is for 2014 taxes due in 2015. Should be pretty close....
For whatever reason, it looks like that, but once it's calculated, it will show for the 2015 tax year...at least for Georgia.

Sent from my mobile device so please excuse grammatical errors.
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Old 10-13-2015, 03:43 PM   #8
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FYI - I live in Oregon and love it. However there is 8% income tax so please keep that in mind.
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Old 10-13-2015, 08:27 PM   #9
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Originally Posted by Jack_Pine View Post
All I can say is IL is a mess and there is no end in sight for the calamity that is IL government. We are here and will bolt the 1st day of retirement. YMMV.
Yes - it's pretty messed up with their issue concerning unfunded pensions in the state. Don't know how it will turn out, BUT Illinois does not tax retirement income (pensions, 401Ks, IRAs, and Social Security). It does tax taxable account dividends, capital gains and interest at 3.75% currently. Illinois property taxes are among the highest in the country, but they offer some savings to retirees. If I were to guess the outcome for covering the unfunded pensions - it's probably going to be higher income taxes (most likely a graduated income tax structure) - but your guess is as good as mine....

Go the the Kiplinger link I've included (and recommended here in previous replies) and be sure to check each states taxes for retirees - I find the general ratings by Kiplinger to be questionable. You can plug in all three states you are considering and get a side by side comparison of them. FYI - it looks like Illinois would be the best of the three as to tax on retirement income, but you will need to weigh all the other tax factors.

Illinois is rated mixed, but believe it's because of the property taxes. Some of the states rated most tax friendly, tax retirement incomes with little allowed deductions. If we were to move to Tennessee (no state income tax) from Illinois - we would actually pay more income tax as Tennessee taxes dividends, capital gains, and interest @ 6% (Hall Tax) vs Illinois 3.75%. Tennessee has one of the highest sales taxes, and has high property taxes as well (state as well as local taxing bodies). Mississippi has a very similar tax structure as Illinois, but it's property taxes are much lower. Believe there is a yearly significant sales tax on license plates in Mississippi. Hard to uncover all the hidden taxing scenarios in every state. Trying to get a handle on Sales Taxes is difficult at best due to all the local taxing bodies in each state. Some websites try their best to provide them, but it's such a moving target....

You also need to take into consideration the opportunity costs for actual home ownership. Illinois home would most likely be close to double what you'd find in Mississippi. That opportunity cost difference would not be earning you any income if it's invested in a home in Illinois.



State-by-State Guide to Taxes on Retirees-Kiplinger
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Old 10-13-2015, 09:25 PM   #10
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Thanks everyone!
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Old 10-13-2015, 11:51 PM   #11
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I have the same desire, while Kiplinger is a good start, it is pretty general but nice that it allows comparisons between states.

I like Tax-rates.org as it allows a person to enter great details, about the type of incomes they have, but it's best to narrow the State choices down a lot first as the entries need to be detailed.

Even then, I visited FL and toured around with retirement in mind, finally decided to scratch it off the list.
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Old 10-14-2015, 08:42 AM   #12
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I use Tax-Rates.org - The Tax Information Portal with good success. It's simple to use, you can put in as little or as much info as you like and best of all...it's FREE!
...........................................
Folks who use this may want to compare w/ another tax calculator like Taxcaster or the HR Block tax calculator just to confirm. I get nervous when
a tax calculator asks for the taxable social security income as this one does
(see the income input page below). The taxable SS income (as compared to the total SS income) is a somewhat tricky calculation (but not very). A tax calculator that can't be bothered to do that calculation would make me wonder.
Also STCG are lumped with interest and dividends but there is no mention of qualified dividends. Sometimes STCG is taxed as ordinary income but sometimes it is netted against LTCG (if it is a loss). If you decided to put QDIV in the LTCG line , then if you had a loss for LTCG, you would be netting the LTCG and QDIV which would not be correct. Possibly under some conditions this calculator would agree with others but under other conditions, it would not.
************************************************** ************
Wages, salaries, and tips

Short-term capital gains, taxable interest, and dividends ?

Net business income (can be negative) ?

Unemployment compensation and alimony

Taxable social security income

Other income

Long-term capital gains ?
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