Wealth & Risk Management Blog

William Byrnes (Texas A&M) tax & compliance articles

Keeping Clients From Double Tax on Their Retirement Income

Posted by William Byrnes on January 6, 2014


For many clients today, post-retirement relocation has become the ultimate goal. Unfortunately, these clients have often failed to consider the state tax implications that may arise when they tap into retirement funds in a new state—a state in which the funds were not actually earned. This type of scenario could result in the client becoming subject to taxation in both the state in which the income was received and the state in which the income was earned—even though the client has relocated—especially in the case of funds received pursuant to a nonqualified deferred compensation plan.

With careful planning, however, the client may be able to use federal rules to avoid taxation…. read the analysis of Professor William Byrnes and Robert Bloink that may apply to your clients-at Think Advisor 1

 

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