Tags: Retirement | retirement | Oklahoma | taxes

Taxes for Retirees in Oklahoma

By    |   Wednesday, 10 Jun 2015 12:27 AM

According to Kiplinger's Retiree Tax Map, Oklahoma ranks as tax-friendly. One benefit: prescription medications are not taxed. While the state offers significant tax credits and other financial incentives to retirees, it also had the sixth-highest state and local sales tax in the country in 2015, according to the Tax Foundation. If you're embarking on your retirement in Oklahoma, you need to know where you can expect to save money on taxes and in what capacity you might pay more. Consider the following tax expenses and deductions when planning for your retirement in Oklahoma.

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  1. Peace of Mind When Handling Estate Planning - One perk to retirement in Oklahoma is knowing that you don't have to worry about the financial cost associated with leaving property to your heirs. MarketWatch named the state one of the best places in the nation to retire, in part because there's no estate or inheritance tax.
  2. Perks for Seniors on Fixed Incomes - In addition, you can rest easy knowing you can make your retirement benefits stretch farther in Oklahoma than in other states. Social security benefits aren't taxed, and neither are retirement benefits from the federal, state, county, or local government.
  3. How Soon Can You Retire? Free Test Shows You When — Click Here

  4. Take the Sting Out of Your Tax Bill - Oklahoma also offers several tax breaks and incentives specifically for retirees. According to the Oklahoma Bar Association, residents age 65 and older with a household income of $50,000 or less are entitled to sales tax relief, which provides them with a tax refund even if they didn't pay income tax. In addition, anyone age 65 and older with an income of $20,000 or less can take what's called a special exemption that allows them to add an additional personal exemption on their income tax returns.
  5. Home Ownership Made Easier - If you're age 65 or older and have an income of $12,000 or less, you qualify for a property tax refund regardless of whether you paid income tax. Disabled veterans pay no property taxes. If you're 65 or older, you qualify for a double homestead exemption, significantly lowering your property taxes. You're also eligible for a senior valuation freeze.
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According to Kiplinger's Retiree Tax Map, Oklahoma ranks as tax-friendly. One benefit: prescription medications are not taxed.
retirement, Oklahoma, taxes
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2015-27-10
Wednesday, 10 Jun 2015 12:27 AM
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