How Kentucky Taxes Retirees
Whoa! Kentucky is VERY favorable for retirees from a tax perspective.
If you're over 65 you can have significant income without paying a penny in income tax to Frankfort.
I model a married couple with $50k in Social Security and $50k in IRA distributions and they pay NOTHING in income taxes.
Sales tax is very reasonable too, at 6%. Now, this is where you need to look beyond the top line number. Some will see a 6% tax and say, "that's way higher than my state." And they'd be right.
But is it way higher than their state...and locality??? You've got to look at both. And this is where Kentucky shines. It's 6% all in.
Property tax? Not a big deal at all, at around .80% of the assessed value of the home. AND folks over 65 get a sizeable homestead exemption as well.
Now there is a rather large inheritance tax in Kentucky. But we're going to leave that for another video.
All in all,Kentucky is definitely one of the most tax favorable states in the union for retirees.
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Видео How Kentucky Taxes Retirees канала Heritage Wealth Planning
If you're over 65 you can have significant income without paying a penny in income tax to Frankfort.
I model a married couple with $50k in Social Security and $50k in IRA distributions and they pay NOTHING in income taxes.
Sales tax is very reasonable too, at 6%. Now, this is where you need to look beyond the top line number. Some will see a 6% tax and say, "that's way higher than my state." And they'd be right.
But is it way higher than their state...and locality??? You've got to look at both. And this is where Kentucky shines. It's 6% all in.
Property tax? Not a big deal at all, at around .80% of the assessed value of the home. AND folks over 65 get a sizeable homestead exemption as well.
Now there is a rather large inheritance tax in Kentucky. But we're going to leave that for another video.
All in all,Kentucky is definitely one of the most tax favorable states in the union for retirees.
=================================
If you like what you see, a thumbs up helps A LOT. So, give me a thumbs up, please!
Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEzy4i9xrKPoaU9z0_XbmA?sub_confirmation=1
GET MY BOOK:
Strategic Money Planning: 8 Easy Ways To Put Your House In Order
It's FREE if you're a Kindle Unlimited Subscriber!
https://amzn.to/2wKGi50
GET ALL MY LATEST BLOGPOSTS:
http://heritagewealthplanning.com/blog/
PODCAST:
https://itunes.apple.com/us/podcast/josh-scandlen-podcast/id1368065459?mt=2
LET'S SOCIALIZE!
Facebook: http://Facebook.com/heritagewealthplanning
Linkedin: https://www.linkedin.com/in/joshscandlen/
Quora: https://www.quora.com/profile/Josh-Scandlen
Google +: https://plus.google.com/u/1/108893802372783791910
Видео How Kentucky Taxes Retirees канала Heritage Wealth Planning
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