Tennessee residency
Been doing some research for full timing, looking at Tennessee as place to change our residency from Michigan, no income tax, no pension tax, don't tax social security, and insurance/vehicle registrat...
Forum Discussion
stallsmi wrote:
I copied this from a website...something to be aware of: The Tennessee income tax does not apply to salaries and wages, but most income from stocks, bonds and notes receivable is taxable at a flat rate of 6%. The first $1,250 in taxable income received by a single filer is exempt. The first $2,500 in taxable income received by a joint filer is exempt.
This is being phased out. It is down to 2% next year, 1% in 2020, and disappearing after that. It does not apply to 401K or IRA distributions.
Hall Income tax phase-out, TN Dept. of Revenue
