Jasz
VIP Contributor
Lowest income tax rate: tax rate is 1.7% (on up to $8,000 of taxable income for married joint filers and up to $5,500 for single filers).5.9% (on taxable income of more than $210,000 for single filers and more than $315,000 for married joint filers) The Land of Enchantment will provide military pensions with a limited and temporary tax break beginning in 2022.For the tax year 2022, military retirement pay up to $10,000 is exempt from tax.For the year 2023, the exemption is raised to $20,000, and for the years 2024 to 2026, it is raised to $30,000.The exemption, on the other hand, expires in 2026.
Additionally, individuals 65 and older may be eligible for a general income exemption of $8,000; however, in order to be eligible, an individual's adjusted gross income must be less than $28,500 or $51,000 for married couples filing jointly.All of your income is exempt if you are at least one hundred years old.
Additionally, individuals 65 and older may be eligible for a general income exemption of $8,000; however, in order to be eligible, an individual's adjusted gross income must be less than $28,500 or $51,000 for married couples filing jointly.All of your income is exempt if you are at least one hundred years old.
