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Anyone here actually Turbo Tax areas to retire in?
Old 03-10-2009, 12:32 PM   #1
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Anyone here actually Turbo Tax areas to retire in?

I read over and over that you need to take Turbo Tax and punch in your numbers to find out which States really give you the best tax deal. Now, that being said, I started wondering if anyone on this board actually has done that? Care to share? (I ask because I've been considering doing it, myself.)
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Old 03-10-2009, 03:55 PM   #2
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Orchidflower, I have not done this, but:
I think TT will not tell you what local property taxes, excise taxes, sales taxes are like, but might give a good idea of how you would be taxed on dividends, interest, pension, etc. in a particular state.
I think TT State might need to to be purchased for each state you are researching, unless there's some way to load multiple states I am not aware of.
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Old 03-10-2009, 04:30 PM   #3
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Then, gosh darn it, I wish people would quit saying to get TT. I have been misled. My error, and thanks, getting there.
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Old 03-10-2009, 04:32 PM   #4
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Orchidflower, gettingthere makes a good point. TT could give you the wrong impression (especially if state COL is what you ultimately need to know). Some states (mine included) exempt pension and SS income. Sounds great. But my actual taxes here are much higher than previous state of residence when including excise tax and other kinds of tax which don't enter into the tax documents.

Having said that, I suppose it wouldn't hurt to run TT on some states you are considering. If you find a "deal breaker" or an "Ah Ha!", you could check it further for the details.

There are sites (some listed within the last week or so on this forum - too lazy to look them up for you) which give an overview of state taxes. Hope this helps.
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Old 03-10-2009, 10:49 PM   #5
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Just simplify and move to TX or NV or WY or FL.

WA has no state income tax, but neither do we have a big revenue source like gambling, tourism, oil and gas, or coal- so we get nickle and dimed all over the place. And, sooner or later the Dems will put through a state tax.

At that point I might be out of here, even if it is my home.

Ha
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Old 03-12-2009, 09:41 AM   #6
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You might be saying this tongue-in-cheek, haha, but it really isn't that dumb an idea. Houston (no income tax State) was so much cheaper than when I moved back to Chicago it was incredible. And it wasn't just the State taxes I am talking about (sales tax was 8.25% and the same in Houston as Chicago when I was there 6 years ago). Chicago nickles and dimes you for everything like $150 for a sticker that says I am a resident of innercity to enable me to fight for parking like the rest of the area...whooopie!
My point: as stated somewhat above, so many tax and costs are not readily seen on any of these sites about taxes including TT.
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Old 03-12-2009, 10:05 AM   #7
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Coach posted this link earlier this year:
Taxes by State
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Old 03-12-2009, 10:11 AM   #8
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Originally Posted by Orchidflower View Post
You might be saying this tongue-in-cheek, haha, but it really isn't that dumb an idea. Houston (no income tax State) was so much cheaper than when I moved back to Chicago it was incredible. And it wasn't just the State taxes I am talking about (sales tax was 8.25% and the same in Houston as Chicago when I was there 6 years ago). Chicago nickles and dimes you for everything like $150 for a sticker that says I am a resident of innercity to enable me to fight for parking like the rest of the area...whooopie!
My point: as stated somewhat above, so many tax and costs are not readily seen on any of these sites about taxes including TT.
I agree. For several years I have been researching several different areas based on taxes. Its variable depending on your life style. This site helps a bit.

Taxes by State
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Old 03-12-2009, 10:22 AM   #9
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You might be saying this tongue-in-cheek, haha, but it really isn't that dumb an idea.
I agree.

Ha, the expenses of living in Seattle that you have mentioned on the board do seem very high. On the other hand, from what you have said you really enjoy the advantages of your location that come along with those expenses.

Guess it all depends on whether the advantages are worth the cost, to you. Being aware that in a sense, you are actually purchasing and paying for those advantages is probably a good thing.

If it comes to pass that you absolutely must cut back further than you can in Seattle, you always have the option of relocating.
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Old 03-12-2009, 10:32 AM   #10
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Originally Posted by haha View Post
Just simplify and move to TX or NV or WY or FL.

WA has no state income tax, but neither do we have a big revenue source like gambling, tourism, oil and gas, or coal- so we get nickle and dimed all over the place. And, sooner or later the Dems will put through a state tax.

At that point I might be out of here, even if it is my home.

Ha
I totally understand where you are coming from. I'm already in a high tax state and it is going to do nothing but get worse with NY's monstrous budget deficit.
dh2b has 10 years to go til he can retire, so this is where we stay. I am very reluctant to tear up roots for many reasons besides asking him to put in for a transfer away from an excellent j*b location (right here). His choices are limited to places with killer commuting issues.
I know there are lots of folks here that are living in states with similar problems. I guess we're all in the same boat, with different swamping thresholds.
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Old 03-12-2009, 09:58 PM   #11
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Sooner or later, there will be published COL for various demographic slices for each state. That is a thesis for a grad student per state. AARP might have some info from surveys.
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Old 03-12-2009, 10:17 PM   #12
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Sooner or later, there will be published COL for various demographic slices for each state. That is a thesis for a grad student per state. AARP might have some info from surveys.
My little research might put Mississippi,Louisiana or Tennessee right at the top for something like that tax and col wise. However, I am sure someone has better results than I.
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Old 03-12-2009, 10:20 PM   #13
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Some states (mine included) exempt pension and SS income. Sounds great. But my actual taxes here are much higher than previous state of residence when including excise tax and other kinds of tax which don't enter into the tax documents.
And then there's the whole tax package, including property taxes and sales taxes, depending on whether you're working, ER'd, or drawing SS.

We keep having this conversation:
Tax Rant I - states and rankings
States tax rate rankings: Bloomberg
retirement tax strategy and where to live

And one of those conversations linked to an archived copy of the old "tax-friendly states" article that Bloomberg's "Wealth Manager" magazine used to run. This is six years old but it's a good place to start winnowing the list:
http://www.jpaulknight.com/investing/wealthfriendly.pdf

Note that Hawaii is not exactly a worker's tax-paying paradise but was ranked #1 in 2003 for its treatment of retiree's taxes. Conversely Texas treated its American citizen laborers fairly well and hammered its retirees. Of course the Oahu elevated-railway excise tax is just one assault on that ranking and there may be similar "updates" for other states.
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