MD taxes

18 December 2021, 07:19 PM

pianojuggler

MD taxes

Does anyone here live in Maryland? Seems to me there is at least one. Someone in a cluttered house. Perhaps others?

What’s the tax structure and overall tax burden in Maryland?

Especially, is pretax 401(k)/deductible IRA withdrawal subject to local income tax?

Asking for a friend.

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pj, citizen-poster, unless specifically noted otherwise.

mod-in-training.

pj@ermosworld∙com

All types of erorrs fixed while you wait.

18 December 2021, 08:15 PM

Steve Miller

MarkB lives in Maryland. He hasn’t posted on here in a long time but he’s on FB.

I can probably get his email address if you want.

18 December 2021, 08:30 PM

wtg

I have a friend who lives in Baltimore. I'll ping her.

18 December 2021, 08:46 PM

pianojuggler

Thanks. I found some info. Seems that state income taxes are pretty high. Counties also have an income tax, but in Charles county, it doesn't apply to income other than earned income.

It would be nice if there was some single web site where you could put in a number of parameters like the value of your home, your earned income, your investment income, and annual spending (with or without groceries, as applicable) and it would give you an approximate tax burden by state.

Washington may not be a bad place to retire. No state income tax. High sales tax, but one may not need to buy as much in retirement. The property tax is a doozy. I just found out that on average, it's higher than Oregon. That was a surprise.

I've known a lot of people who retire to the Vancouver, Washington area. They pay Washington income tax (zero), and for large purchases, drive over the river to Portland and pay Oregon sales tax (zero).

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pj, citizen-poster, unless specifically noted otherwise.

mod-in-training.

pj@ermosworld∙com

All types of erorrs fixed while you wait.

18 December 2021, 08:47 PM

pianojuggler

quote:
Originally posted by Steve Miller:
MarkB lives in Maryland. He hasn’t posted on here in a long time but he’s on FB.

I can probably get his email address if you want.

I miss markb.

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pj, citizen-poster, unless specifically noted otherwise.

mod-in-training.

pj@ermosworld∙com

All types of erorrs fixed while you wait.

18 December 2021, 11:54 PM

piqué

Cindy lives in MD, doesn't she?

19 December 2021, 09:42 AM

Cindysphinx

Yes, but I don’t know tax rates. I can say Maryland is a great place to live, though. Everything is efficient, services are good. Proximity to DC is good for having things to do. And it’s a blue state that doesn’t tolerate wild eyed Republican nonsense.

19 December 2021, 09:57 AM

ShiroKuro

quote:
And it’s a blue state that doesn’t tolerate wild eyed Republican nonsense.

Swoon.

19 December 2021, 10:24 AM

CHAS

I like the Annapolis area. Love the bay.
Bob said the taxes are very high.
sigh

Rankings
Alaska will probably lose that ranking due to the changes in the oil industry.

19 December 2021, 01:08 PM

pianojuggler

quote:
Originally posted by CHAS:
I like the Annapolis area. Love the bay.
Bob said the taxes are very high.
sigh

Rankings
Alaska will probably lose that ranking due to the changes in the oil industry.

Yeah. That’s what I was looking for, but I’d like to add in sales tax and property tax.

Thanks, bro.

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pj, citizen-poster, unless specifically noted otherwise.

mod-in-training.

pj@ermosworld∙com

All types of erorrs fixed while you wait.

19 December 2021, 01:21 PM

pianojuggler

quote:
Originally posted by Cindysphinx:
Yes, but I don’t know tax rates. I can say Maryland is a great place to live, though. Everything is efficient, services are good. Proximity to DC is good for having things to do. And it’s a blue state that doesn’t tolerate wild eyed Republican nonsense.

Good to know. When I lived in that area, I lived on campus in DC for a couple years, then moved into the VA ‘burbs: Falls Church, McLean, Vienna. I worked in Bethesda the last few years, just over the freeway from Monty Mall.

The location being discussed is Waldorf… south and a little east of the city. It looks like you have to go all the way up to the beltway to get over the river into Virginia.

--------------------------------
pj, citizen-poster, unless specifically noted otherwise.

mod-in-training.

pj@ermosworld∙com

All types of erorrs fixed while you wait.