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Nothing is greedier than government. Always wants more. Politicians using taxes as a weapon and reward to voters to support them. Minnesota taxes on what your gross income that comes from Minnesota is. So does that mean Minnesota government pensioners, teacher pensions, etc are taxed when they move our of state? Does a shareholder of 3M get taxed in Minnesota when they live elsewhere? Political favoritism is corruption.
I’m surprised pensions still exist in 2021. Most have long been replaced by 401k match.
Yeah, seriously. When I lived in the Arrowhead, my property taxes were around $400 a year. No kidding. And when I owned a home in SE MN, my annual property taxes were $670.00 a year.
See? One more reason not to live in the Terrible Cities. Choose Out State, it's the RIGHT choice! Yay, rah!
And in case I hadn't made it clear in my original answer to the OP: I've done exactly what OP is planning - lived in MN for less than 6 months and in a state-income-tax-free state for more than 6 months of the same year. I STILL had to pay MN income tax as a part-year resident. Plus pay the higher property taxes in the no income tax state.
But, hey - clean air and water and well educated citizens are worth a few extra bucks.
The property taxes are cheap in the outstate areas of Minnesota. But in the Twin Cities, the property taxes are expensive. As far as I know, you shouldn't have to pay the Minnesota income taxes if you are present in Minnesota less than six months, plus one day, and you don't violate the 26 presence factors. Some of the factors are things like, where is your vehicle registered, insured, and stored. Details are near the end of this long PDF file:
I’m surprised pensions still exist in 2021. Most have long been replaced by 401k match.
People that are still able to get pensions today usually are working for the government. Private companies generally do not offer pension these days, but if you worked for a private company many years ago, you could still be collecting a pension today.
Quote:
Originally Posted by 601halfdozen0theother
No - at that time my income was completely from investments. (said She.)
Sorry, OP, you're just going to have to fork over some dough to MN and file a part-time resident state tax form if you live in MN for any time at all and have any income at all during that time.
As I said originally, go see a CPA and maybe they can figure out a way to minimize what you'll have to pay. Seriously. Time to get your answers from a professional.
But I'm right, of course.
I believe that you are incorrect on that advice. There's the six month, plus one day rule in Minnesota, plus the 26 factors to determine "presence" in Minnesota.
Plus, I decided to not be a snowbird between Florida and Minnesota. I decided to move to Florida full time. I may occasionally visit Minnesota, as well as other states, but I am no longer a Minnesota resident. I am a Florida resident now.
I’m surprised pensions still exist in 2021. Most have long been replaced by 401k match.
A retired friend has one from 3M, well only half as his ex wife gets the other even if she were to die. Unions still have pensions, friend can get it at 50 something or 65 for full. Why anyone working as a laborer would ever not be in a union blows my mind. Starting pay after union dues is $41 an hour with his company, plus health insurance is $40 a month with a deductible under $500 for him, his wife, and two daughters. Railroads have the best pensions, BNSF is $7,500 per month and then your wife or husband gets half of that if they were to die. It’s why nobody quits once they get in with any railroad.
A retired friend has one from 3M, well only half as his ex wife gets the other even if she were to die. Unions still have pensions, friend can get it at 50 something or 65 for full. Why anyone working as a laborer would ever not be in a union blows my mind. Starting pay after union dues is $41 an hour with his company, plus health insurance is $40 a month with a deductible under $500 for him, his wife, and two daughters. Railroads have the best pensions, BNSF is $7,500 per month and then your wife or husband gets half of that if they were to die. It’s why nobody quits once they get in with any railroad.
It's true that most companies no longer offer pensions. 3M ended the pensions for the new people starting after the year 2000. But for people who started working at 3M before the year 2000, still have pensions today. There are a lot of people who started at 3M before the year 2000, and are still alive today, and they are collecting the pensions today. New people can start today working for the government can still get pensions, after they become vested. Vesting can take about 5 years, sometimes more, sometimes less, depending on the vesting policy at the time you are hired.
The pensions are also know as the "golden handcuffs". Which can tend to lock you into working for a place that has a pension for a long time. After 5 years, the pension is usually pretty tiny. It takes about 20 years of service for the pension to be greater than the Social Security payment. Working for the railroad isn't a panacea! I know an IT person who worked for the railroad, but had to quit because she had a supervisor that was very abusive, and got away with being abusive. Things got so bad that her health was declining because of the rotten working conditions. So, it's not true that no one quits, once they start working for the railroad.
I used to listen to a financial radio talk show podcast from a financial services company based out of California. There were many financial talk show callers who worked for the government, and were collecting pensions of about $70K to $80K! The government pensions in California can be very generous! That's good if you are on the receiving end of the pension, but not if you are a taxpayer that's footing the pension liabilities. That's one reason that California's government is mismanaged and is probably close to being bankrupt.
Usually, the pensions offer your choice of a single life, or percentages for your surviving spouse, such as 25%, 50%, 75%, or 100%. When you choose single life, the pension payment is higher, but your spouse gets zero when you die. The 100% option, the pension amount is lower, but your spouse gets 100% when you die. If your spouse is significantly younger than you, then the pension amount is much lower, unless you choose single life. There are some organizations that offer "bounce back". That means, if you choose 100% spouse benefits after you die, but your spouse dies before you. Then, with "bounce back", your pension amount reverts to the higher single life amount, after your spouse dies. I'm not sure what happens to people that re-marry after their spouse dies. I don't know if the spouse coverage is available after that point in time. I think if you get divorced, half of your pension might go to your ex.
It's nice when both you and your spouse have a pension, plus Social Security, plus the retirement savings withdrawals. But the key to financial freedom in retirement starts with educating yourself to become employed in an occupation that offers a high income. Then, live well below your means for two or three decades, and carefully invest a lot of money. Of course, this means making sacrifices during your working years. Then you can retire comfortably, and even buy a luxury vehicle in your retirement years.
It's true that most companies no longer offer pensions. 3M ended the pensions for the new people starting after the year 2000. But for people who started working at 3M before the year 2000, still have pensions today. There are a lot of people who started at 3M before the year 2000, and are still alive today, and they are collecting the pensions today. New people can start today working for the government can still get pensions, after they become vested. Vesting can take about 5 years, sometimes more, sometimes less, depending on the vesting policy at the time you are hired.
The pensions are also know as the "golden handcuffs". Which can tend to lock you into working for a place that has a pension for a long time. After 5 years, the pension is usually pretty tiny. It takes about 20 years of service for the pension to be greater than the Social Security payment. Working for the railroad isn't a panacea! I know an IT person who worked for the railroad, but had to quit because she had a supervisor that was very abusive, and got away with being abusive. Things got so bad that her health was declining because of the rotten working conditions. So, it's not true that no one quits, once they start working for the railroad.
I used to listen to a financial radio talk show podcast from a financial services company based out of California. There were many financial talk show callers who worked for the government, and were collecting pensions of about $70K to $80K! The government pensions in California can be very generous! That's good if you are on the receiving end of the pension, but not if you are a taxpayer that's footing the pension liabilities. That's one reason that California's government is mismanaged and is probably close to being bankrupt.
Usually, the pensions offer your choice of a single life, or percentages for your surviving spouse, such as 25%, 50%, 75%, or 100%. When you choose single life, the pension payment is higher, but your spouse gets zero when you die. The 100% option, the pension amount is lower, but your spouse gets 100% when you die. If your spouse is significantly younger than you, then the pension amount is much lower, unless you choose single life. There are some organizations that offer "bounce back". That means, if you choose 100% spouse benefits after you die, but your spouse dies before you. Then, with "bounce back", your pension amount reverts to the higher single life amount, after your spouse dies. I'm not sure what happens to people that re-marry after their spouse dies. I don't know if the spouse coverage is available after that point in time. I think if you get divorced, half of your pension might go to your ex.
It's nice when both you and your spouse have a pension, plus Social Security, plus the retirement savings withdrawals. But the key to financial freedom in retirement starts with educating yourself to become employed in an occupation that offers a high income. Then, live well below your means for two or three decades, and carefully invest a lot of money. Of course, this means making sacrifices during your working years. Then you can retire comfortably, and even buy a luxury vehicle in your retirement years.
SACRAMENTO — California expects a staggering $75.7 billion surplus despite a year of pandemic closures — an amount that surpasses most states' annual spending ...
The amount of misinformation on this site, either through ignorance or with purpose, is staggering (more so, than even the surplus for California).
SACRAMENTO — California expects a staggering $75.7 billion surplus despite a year of pandemic closures — an amount that surpasses most states' annual spending ...
The amount of misinformation on this site, either through ignorance or with purpose, is staggering (more so, than even the surplus for California).
Politico has a very strong leftist bias, not a credible source to quote. How much of the Blue States bailout money went to California? Can you explain why there’s a mass exodus of people that are fleeing California?
Politico has a very strong leftist bias, not a credible source to quote. How much of the Blue States bailout money went to California? Can you explain why there’s a mass exodus of people that are fleeing California?
My parents both left LA 50 years ago, I don’t know if that counts? Another friend and her husband moved there to be close to the beach. They can live anywhere they want, they have two 7, might now be 8 figure a year wellness/wealth companies and now are in process of another. They sold their newer $5+m house in Santa Monica and moved to Scottsdale within last 6 months. They work from home, they took a massive pay raise by leaving.
No - at that time my income was completely from investments. (said She.)
Sorry, OP, you're just going to have to fork over some dough to MN and file a part-time resident state tax form if you live in MN for any time at all and have any income at all during that time.
As I said originally, go see a CPA and maybe they can figure out a way to minimize what you'll have to pay. Seriously. Time to get your answers from a professional.
But I'm right, of course.
Are you a part-year resident?
You’re considered a part-year resident of Minnesota if either of the following is true:
• You moved to or from Minnesota during the tax year and established residency (domicile).
• You spent at least 183 days in Minnesota* and you rent, own, maintain, or occupy a residence suitable for year-round use and equipped with its own cooking and bathing facilities. In this case, you are considered a Minnesota resident for income tax purposes for the length of time you maintained a residence in Minnesota, even if your permanent residence was in another state for the full year
Looks like you're not right in this example.
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