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Do my wife and I pay NM State income tax on Education Retirement from NM and on Social Security earned while working in NM after moving to Texas? I am on Allocation page.
We were told by another retiree in our position that he still pays full NM State tax on retirement income even though he lives in Texas. Is that correct. I am on the allocation page for filing NM State Tax.
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June 4, 2019
2:15 PM
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Retirement tax questions
The Pension Source Tax Act of 1996 (P.L. 104-94) specifically stipulates that, "No State may impose an income tax on any retirement income of an individual who is not a resident or domiciliary of such State."
In other words, retirement income is taxable only by your state of residence at the time you receive it.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
June 4, 2019
2:15 PM