Complete New York retirement tax guide: income tax rates, capital gains treatment, Social Security and pension taxation, property taxes, and sales tax. Overall retiree-friendliness rank: #47 of 51.
9 bracket(s)
Treated as ordinary income
#6 (Low)
State 4% + local avg 8.5%
New York exempts Social Security and offers a $20,000 pension/IRA exclusion for those 59.5+. However, high income tax rates and property taxes make it expensive for retirees. NYC adds local income tax.
Not taxed
Taxable
$20,000 (age 595+)
| Rate | From | To |
|---|---|---|
| 4% | $0 | $8,500 |
| 4.5% | $8,500 | $11,700 |
| 5.25% | $11,700 | $13,900 |
| 5.5% | $13,900 | $80,650 |
| 6% | $80,650 | $215,400 |
| 6.85% | $215,400 | $1,077,550 |
| 9.65% | $1,077,550 | $5,000,000 |
| 10.3% | $5,000,000 | $25,000,000 |
| 10.9% | $25,000,000 | No limit |
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