Josh Scandlen Podcast

Wow, Virginia is VERY favorable to its retirees, just don't own an expensive car as they charge nearly 5% a year on assessed value for property tax(depending on the county you live). But lots of great income exemptions on retirement income.  Qualifying couples can exclude up to $24,000 of retirement income, so long as their total AGI doesn't exceed $75k. Now remember the difference between taxable income and gross income. AGI of $75k means you can't have taxable income more than $48,400 if you're married filing jointly and over the age of 65.  Now, with that said, even if you break that $75k AGI threshold, you still can get an exemption but you will lose the entirety once you hit $87k. Social Security is tax exempt as well. So, you can have a lot of income essentially tax free.  In fact, I ran a calculation of $50k in Social Security income and $50k in IRA distributions.  Total tax for that $100k gross income?  $770. That's it.  Sales tax is quite favorable too. Virginia fa