Taxes in Missouri. This was asked before but I never saw it answered. (Nevada: low income, sales)

[gonefishing]

1.) Someone had made the statement about you pay property taxes on a vehicle in MO. Another responded by asking about what you would pay for a $30,000 vehicle.

2.) The other question was about having to pay taxes in MO on income that one had earned in another state.

I never saw that it was answered and now when I do a "search" I can't find the thread.

So....can anyone answer those two questions....and here is what I was also wondering with those questions above:

Did you have to pay state taxes on it in the state where you earned it and in MO, after you move there and go to file your taxes?

Would it be that one pays personal property taxes on a vehicle because the automobile tags are cheaper? I know some gripe about our tags being so high but we don't pay personal property taxes on them. So, it might all balance out.

[Randy Henderson]

Originally Posted by shyandretiring

1.) Someone had made the statement about you pay property taxes on a vehicle in MO. Another responded by asking about what you would pay for a $30,000 vehicle.

2.) The other question was about having to pay taxes in MO on income that one had earned in another state.

I never saw that it was answered and now when I do a "search" I can't find the thread.

So....can anyone answer those two questions....and here is what I was also wondering with those questions above:

Did you have to pay state taxes on it in the state where you earned it and in MO, after you move there and go to file your taxes?

Would it be that one pays personal property taxes on a vehicle because the automobile tags are cheaper? I know some gripe about our tags being so high but we don't pay personal property taxes on them. So, it might all balance out.

Ive got two vehicles that are probably worth 30000 together. I got hit for $258 this year.

Im not sure about income outside missouri, but I know that they ask you on the state tax forms if you made income outside the state. I've just never made any.

[MoMark]

Originally Posted by shyandretiring

1.) Someone had made the statement about you pay property taxes on a vehicle in MO. Another responded by asking about what you would pay for a $30,000 vehicle.

2.) The other question was about having to pay taxes in MO on income that one had earned in another state.

I never saw that it was answered and now when I do a "search" I can't find the thread.

So....can anyone answer those two questions....and here is what I was also wondering with those questions above:

Did you have to pay state taxes on it in the state where you earned it and in MO, after you move there and go to file your taxes?

Would it be that one pays personal property taxes on a vehicle because the automobile tags are cheaper? I know some gripe about our tags being so high but we don't pay personal property taxes on them. So, it might all balance out.

I paid $79 on my 98 Toyota Truck for 2006. I had done the math backwards to figure out the percentage based on assessed value, but I can't remember what it was or where my work is now...
As for income taxes, I earned all of my 2005 income in Nevada, (except for approximately $2500 in Missouri in bank interest) and in Nevada there is no state income tax so no one files state income tax forms. However here, I was told unless I wasn't a resident in 2005, I would have to pay Missouri taxes even though I stopped earning income in May of 2005 in Nevada.
Luckily for me, I was in and out of Missouri for six months in 2005 and didn't purchase my home here until January of 2006, so I was able to legitimately claim not to have been a Missouri resident in 2005, but it was a close call....
I also don't agree a state should be able to tax your income earned out of state when you weren't even a resident of the state wanting to tax you! To me that's outrageous! But, Missouri does do that, so don't faint when you see the accountant or let your blood boil.
Even so....it's still a lot cheaper here tax-wise in general and after the first shock of paying Personal Property taxes (which I'd never heard of before) and then being told my income was in their reach from another state long before I moved to Missouri.... you go on and things normalize!
2006 is the first year I don't have a W-2 as I didn't work at all in 2006!!! But.... I sold stock...so that will get me up the rump when I go in...

[gonefishing]

Originally Posted by Randy Henderson

Ive got two vehicles that are probably worth 30000 together. I got hit for $258 this year.

Is it pretty high to tag a vehicle each year?

[gonefishing]

Originally Posted by MoMark

I also don't agree a state should be able to tax your income earned out of state when you weren't even a resident of the state wanting to tax you! To me that's outrageous! But, Missouri does do that, so don't faint when you see the accountant or let your blood boil.

Interesting! Thinking that it might simply just be a way to offset some other area (where taxes aren't being collected) I searched "missouri makes you pay state income taxes on income not earned in their state" and up popped
The state of Missouri taxes Social Security benefits.

Ok, I'm sorry to bother you all again....does anyone know if that is true?. (I'm not ready for SS yet but I want to get all my facts. I wonder if it is taxed at the regular tax rates.)

[sunshine girl]

Unfortunately, yes, it's true they tax your Soc. Sec. here. If you are low income, (sorry, I don't have the exact dollar breakdown for you) it is not taxed. But if your total income between spouses exceed that amount, then you are taxed. You have to be really low income not to be taxed. Between the personal property taxes and the fact of SS being taxed, we debated if the lower cost of living offsets the taxation enough to live in MO vs. other states we considered. MO won out in the end, and we are here, but there are other states to look at if you are considering them for retirement. I had a great website for comparison of states for those retiring, but can't remember it, and the papers I printed are still packed in storage. It gives the breakdown of state taxes, property taxes, gasoline taxes, etc. state by state. Will get back to those interested later, we are moving next week. Give me time to organize again and I will find it.

[garth]

Here are a few links that might help you with various taxes:

http://www.retirementliving.com/RLtaxes.html

http://www.taxfoundation.org/files/7ee86c80446a807117594787f17fbba5.pdf (broken link)

http://www.taxfoundation.org/files/c5e4be288d9a34977d1d33bb6bf5ceaf.pdf (broken link)

http://money.cnn.com/pf/features/lis...esbystate2005/

http://www.taxadmin.org/fta/rate/ind_inc.html (broken link)

http://www.bankrate.com/brm/itax/sta...e_tax_home.asp

[MoMark]

Originally Posted by sunshine girl

Unfortunately, yes, it's true they tax your Soc. Sec. here. If you are low income, (sorry, I don't have the exact dollar breakdown for you) it is not taxed. But if your total income between spouses exceed that amount, then you are taxed. You have to be really low income not to be taxed. Between the personal property taxes and the fact of SS being taxed, we debated if the lower cost of living offsets the taxation enough to live in MO vs. other states we considered. MO won out in the end, and we are here, but there are other states to look at if you are considering them for retirement. I had a great website for comparison of states for those retiring, but can't remember it, and the papers I printed are still packed in storage. It gives the breakdown of state taxes, property taxes, gasoline taxes, etc. state by state. Will get back to those interested later, we are moving next week. Give me time to organize again and I will find it.

I see your points. Even with the taxes, it's still cheaper here. My property taxes for example are extremely low and my energy bills are virtually insignificant...although, the propane guy came by this afternoon and filled my tank from 30% to 94% and that cost me $411 Oh well, it's the last fill up unless we dip into an ice age for the summer

[Randy Henderson]

Originally Posted by sunshine girl

Unfortunately, yes, it's true they tax your Soc. Sec. here. If you are low income, (sorry, I don't have the exact dollar breakdown for you) it is not taxed. But if your total income between spouses exceed that amount, then you are taxed. You have to be really low income not to be taxed. Between the personal property taxes and the fact of SS being taxed, we debated if the lower cost of living offsets the taxation enough to live in MO vs. other states we considered. MO won out in the end, and we are here, but there are other states to look at if you are considering them for retirement. I had a great website for comparison of states for those retiring, but can't remember it, and the papers I printed are still packed in storage. It gives the breakdown of state taxes, property taxes, gasoline taxes, etc. state by state. Will get back to those interested later, we are moving next week. Give me time to organize again and I will find it.

Well, the first time you license your car, you have to pay the sales tax, and that hurts. I think tags after that are 30 or 40 bucks for a couple of years.
\BTW, Sunshine Girl - good to get to meet you this weekend!

[gonefishing]

Thank you all so much!!