ALASKA
•Retirement income: No state tax on your 401(k), IRA or pension income.
• Social security benefits: No state income tax on your Social Security benefits.
• Income tax: No state income tax.
• Inheritance and Estate taxes: No state inheritance tax or an estate tax.
Florida
• Retirement income: No state tax on your 401(k), IRA or pension income.
• Social security benefits: No state income tax on your Social Security benefits.
• Income tax: No state income tax.
• Inheritance and Estate taxes: No state inheritance tax or an estate tax.
Illinois
• Retirement income: No state tax on your 401(k), IRA or pension income.
• Social security benefits: No state income tax on your Social Security benefits.
• Income tax: Low income tax rate – flat 4.95%.
• Inheritance and Estate taxes: Has estate tax for estates worth more than $4 million.
Mississippi
• Retirement income: No state tax on your 401(k), IRA or pension income if you’re at least 59 ½ years old.
• Social security benefits: No state income tax on your Social Security benefits.
• Income tax: Rates of 3% To 5%.
• Inheritance and Estate taxes: No state inheritance tax or an estate tax.
Nevada
• Retirement income: No state tax on your 401(k), IRA or pension income.
• Social security benefits: No state income tax on your Social Security benefits.
• Income tax: No state income tax.
• Inheritance and Estate taxes: No state inheritance tax or an estate tax.
• Instead, you pay at the poker and blackjack tables.
New Hampshire
• Retirement income: No state tax on your 401(k), IRA or pension income.
• Social security benefits: No state income tax on your Social Security benefits.
• Income tax: A flat 5% tax on interest and dividends only.
• Inheritance and Estate taxes: No state inheritance tax or an estate tax.
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Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation in Pasadena, California.
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He has 50 years of experience in defending taxpayers audited by the IRS, FTB, EDD, BOE and other governmental agencies. He is publishing a book on his expertise – “HOW TO AVOID OR SURVIVE IRS AUDITS.” Our readers may inquire about the book or email tax questions at [email protected].