Mae Chow
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Municipal bonds are one of the most common types of investments that pay tax-exempt interest, but while interest may be tax-exempt at the federal level it may still be taxed at the state level 😉 For example, a California resident who buys a New York municipal bond would pay California income tax on that interest 😊 These tax laws, however, vary by state. For instance, some states such as Wisconsin and Illinois tax interest earned on most muni bonds, including their own, while states such as California and Arizona exempt interest from taxes if the investor resides in their states. Utah is an example of a state that exempts interest on out-of-state bonds, as long as that state does not impose a tax on bonds issued by Utah. Treasury securities issued by the U.S. Government pay interest that is tax The exemptions are at the state, local, and federal levels.
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Based on an article by fmsbonds.comMy age is 55. I want to retire. To do this, I will need $350,000 per annum after tax income. The portfolio should be muni-bonds. After that, it would have to adjust to reflect cost-of living increases. My investment goal would be to live until 85, 30 years after now. I am a California resident So, I prefer to have a CA-muni portfolio that is exempt from double taxes. What are the YTMs of 20- and 30-year munis compared to CA issues? Are there better cash flows from national muni-portfolios if you move to Florida? Your strategies pages are very helpful. I learned that laddering is not the best strategy.This is the best strategy. What is the best strategy for achieving this level of investment? How long will it take you to build such a portfolio. We are grateful to Jamill Rosenthal for pointing it out.
California Franchise Tax Board, (FTB), assessed more than $60,000 additional tax on California obligation-interest interest after the mutual fund The tax payers appealed the decision to the BOE. The taxpayer argues that California Revenue and Taxation (R&TC) Section 17145(a) is unlawful because, under the California Constitution, “Interest on bonds issued by the State or a local government in the State is exempt from taxes on income.” The constitution does not distinguish between interests passed through from mutual funds that have more than 50% of their assets in California tax-exempt bonds from mutual funds that have less than 50% of their assets in California tax-exempt bonds. According to the taxpayer, because qualified regulated investments companies (RICs), are conduits for interest earning by them, it is treated by taxpayers as income earned directly by taxpayers. The interest on California exempt obligations, regardless of whether the assets owned by the RIC is California-exempt, is exempted from tax. Josehua Hanscock updated this information on April 8, 2020.
