100 Year Olds in New Mexico - No Income Taxes!

[Midpack]

Something to aspire to? Just thought it was amusing.

The income of a person 100 years old or older is exempt from New Mexico income tax if both of the following apply to that person:

• They cannot be claimed as a dependent by someone else.
• They must be 100 years or older at the end of the tax year for which they claim the exemption.

https://www.freetaxusa.com/help/dis...s and credits available for low income filers.

 

[stepford]

Hmmm... I can try to survive for the next 40 years in New Mexico or move to Florida tomorrow. What's the easiest way for me to get out of state tax?

 

[W2R]

I wish Louisiana would do this too! Even better, how about no taxes after age 90.

 

[garyt]

I just heard that on a Super Bowl commercial

 

[Gremlin]

Hmmm... I can try to survive for the next 40 years in New Mexico or move to Florida tomorrow. What's the easiest way for me to get out of state tax?

Haha! Absolutely.

 

[audreyh1]

No state taxes in GA after age 65 AFAIK.

 

[bobandsherry]

The Sunshine State doesn't tax income, nothing on pensions. Guess I'll just stick here. BTW, moved from IL, saved a bundle on taxes.

 

[Out-to-Lunch]

The Sunshine State doesn't tax income, nothing on pensions. Guess I'll just stick here. BTW, moved from IL, saved a bundle on taxes.

IL doesn't tax on pensions either, does it?

 

[Bamaman]

We have an assisted living apartment building in our community that has a very active group of retirees.

One group of five ladies were over 100 years of age, and one of them was the oldest person living in the U.S. at the time. And they were all in the same Sunday School class at the 1st United Methodist Church.

Social security and defined pension income is not taxed by our state.

 

[timo2]

Something to aspire to? Just thought it was amusing.



https://www.freetaxusa.com/help/dis...s and credits available for low income filers.

I'm trying to imagine the legislative circumstances of this. I bet it was one case that made local media news that shamed the State.

 

[Koolau]

Heh, heh the state of HI would collapse! Just in my circle of friends here I have had 2 that were 100 or more (the male died at 100). YMMV

 

[Love This Community]

You’re correct out to lunch. IL doesn’t tax income from pensions. However, FL seems to take the prize whet it comes to overall tax benefits for retirees including pension.
Cold weather in IL is another reason why Florida is appealing.

 

[Car-Guy]

I think I heard that on a TurboTax superbowl commercial last night... It went in one ear and out the other since I don't live in NM and living to 100 ain't in my deck of cards. Interesting though.

I just did a search on Google "100 year olds in new mexico" and this thread came up as the 3rd hit....

 

[sheldon cornped]

Some years ago a story about the Country Club that George Burns was a member of announced a ban on smoking. When Burns complained about it, they amended the rule to state "all members over the age of 100 are exempt"

 

[rothlev]

No state taxes in GA after age 65 AFAIK.

not exactly , very high amount deducted ( 65 K passive income ) and ( no tax on social security , 4k of earned income is not subject to tax

 

[audreyh1]

not exactly , very high amount deducted ( 65 K passive income ) and ( no tax on social security , 4k of earned income is not subject to tax

OK - that explains my DF's situation.

 

[38Chevy454]

I used to live in NM. That rule for 100 year olds is not new.


I do not miss NM, I was only there for work. When I first moved there I was encouraged and thought about potentially staying there in retirement. But that faded once reality of the state set in. For me there were more negatives than positives.

 

[flyingaway]

I would be very lucky if I will have any money at 100 to pay income tax. I expect the tax collector to fund my nursing home then.

 

[statsman]

No state income tax in Texas.

But Texas sucks, so don't come here! © REWahoo

 

[teejayevans]

You’re correct out to lunch. IL doesn’t tax income from pensions. However, FL seems to take the prize whet it comes to overall tax benefits for retirees including pension.
Cold weather in IL is another reason why Florida is appealing.

Florida also has best protection of assets in case of a lawsuit. Your primary residence and retirement accounts are untouchable.

 

[EastWest Gal]

PA does not tax retirement income-IRA withdrawals, ROTH conversions, or pensions, if you are over 59-1/2. State income tax is 3.07% flat tax currently. Other than ROTH conversions, most of our income is in the earnings in the taxable account, however. Some years we’ll be paying the same amount in federal and state tax, which is weird.