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| *Ostroff, Fair and Company>>>United States Taxes |
My state of tn. has a state income tax for seniors. You must be at least 65 before you pay income tax. Is this |
This has to be descrimination. The federal gov. does not tax my ss but tn. counts income from ALL sources. My gross income amount with federal gov. would exclude me from state income tax but I have to count social security. I yhink this would be a great class action lawsuit, anyone agree? The individual income tax is imposed only on individuals and other entities receiving interest from bonds and notes and dividends from stock. Enacted in 1929, this tax was originally called the Hall income tax for the senator who sponsored the legislation. The law can be found in Tennessee Code Annotated in Title 67, Chapter 2. Exemptions: The first $1,250 in taxable income received by a single filer is exempt. The first $2,500 in taxable income received by a joint filer is exempt. Persons over 65 with total income less than $16,200 for a single filer or $27,000 for a joint filer are exempt. DUE DATE Annual 鈥?April 15 TAX RATE 6% of taxable income CONTACT PHONE NUMBERS Individual Income Tax Audit Staff: (615) 532-6439 Statewide toll-free: (800) 342-1003 I think you were given bad information. You are exempt.... good luck & bless Source(s): http://www.state.tn.us/revenue/tntaxes/i... imho - mucho tax experience No, the fact that one entity does NOT tax a certain class of income doesn't prevent another government entity from taxing it. If income tax was only on income if you're over 65, then yes, that would be discrimination. But if it's EVERYBODY, on ALL their income - how is that discrimination? Just because you don't get special breaks isn't cause to claim discrimination. That said - according to the TN website, "12. What about pension income, Social Security, 401(k) and IRA distributions? As the Tennessee income tax does not apply to salaries and wages, items of income such as Social Security and pension income are not subject to state tax. Tenn. Code Ann. Section 67-2-104(m) provides that income from stocks and bonds of pension trusts and profit-sharing trusts which are exempt from federal income taxation shall be exempt from the state income tax. This includes such accounts as IRA and 401(k) accounts. Distributions from IRAs and 401(k) plans are also exempt." This is from the webpage http://tennessee.gov/revenue/faqs/indinc... part of the state website. Possibly your information is wrong? Wood smoke gave a good link. The tax is levied on interest and dividends regardless of age. The one thing that you have going for you is if your overall income is below $16,200 or $27,000 and you are 65 or older you are exempt for the Hall tax regardless if all the money up to the exemption is interest. Check out the link for more information or email me for questions. I am a resident of Tennessee http://www.state.tn.us/revenue/tntaxes/i... |
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