Tax Rates as Entered in TOTAL Online:
Screenshots of the state tax rates as entered in TOTAL Online are available below. The tax settings have been entered in a conservative manner.
Many states offer standard deductions near or equal to the amount of the federal deductions, but do not allow all federal itemized deduction items. For those states, the state tax rates are set to apply to AGI, leaning towards conservative assumptions. Choosing to apply state tax rates to federal taxable income would include all federally allowed itemized deductions (or federal standard deduction if not itemizing) for the state tax calculations.
The option to exclude retirement account withdrawals is not selected for any states that offer partial exemptions of retirement income.
For states only taxing interest and dividend income (New Hampshire and Tennessee) the tax rate is applied to all income except of Social Security and Retirement Account Withdrawals given the availability of those options.
Remember, adjustments can be made per plan. An option to exclude pension plans taxes on either the federal or state level is available on Pension plan data. Additional adjustments can be made using Tax Details plan data to adjust the client’s state taxable income or tax amount.
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The top rate includes 1% mental health service tax surcharge.