Currently I get a monthly pension from Florida and I live in Florida. Suppose I decide to move to Georgia where there is a state income tax - would the payer of my Florida pension have to withhold for both federal and Georgia every month?
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Probably. If you became a Georgia resident, you would owe GA state income state as well as federal tax. As long as you are a FL resident, you only owe federal tax on your retirement income. Your taxes are based on where you reside not where the plan or account is. However, Georgia is retirement friendly and has many deductions and exclusions - see here.
Probably. If you became a Georgia resident, you would owe GA state income state as well as federal tax. As long as you are a FL resident, you only owe federal tax on your retirement income. Your taxes are based on where you reside not where the plan or account is. However, Georgia is retirement friendly and has many deductions and exclusions - see here.
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