2006 and 2007 personal income tax rates for the 50 states and D.C.
The Skilled Investor has made available for downloading a spreadsheet that contains graduated personal income tax rates and other personal income tax rate information for the 50 states and the District of Columbia.
If you want to know about specific U.S. state personal graduated income tax rates for the 50 states and the District of Columbia, The Skilled Investor has published this information. A Microsoft Excel file is now available for downloading that includes these state income tax rates for both the “single” and “married, filing jointly” filing categories. This information may be useful to you, if you are considering, for example, whether to relocate to another state for work or for retirement.
The Skilled Investor compiled this information by visiting state government tax administration and legislative websites. Typically, the information compiled came from state personal tax documents and employer withholding information documents. In some cases, the information came from legislative documents. You will find that some of the state personal income tax rate information in this file is for the 2006 tax year (28 states) and some is for the 2007 tax year (22 states and D.C.). The tax administrators of many states are currently focused on filings for the 2006 tax year, so 2007 income tax rates have not yet been posted for many states. This file also contains some notes related to which states have no income taxes, flat tax rates, graduated tax rates, or other tax structures.
We have made an effort to ensure that this tax rate information is accurate. However, if you find any inaccuracies or you can point us to state sources with updated 2007 tax year information, please let us know by using the comment function below. All comments are moderated, so your comment will not post publicly, unless you make such a request.
A customer comment from the sidebar: "VeriPlan is a big help. I'm in my mid 50's and have been a diligent saver and passable investor for many years. I am going through a work transition from salaried corporate employee to independent consultant, and my aging parents are needing financial help. Financial planning is particularly important to me and my family now. Thanks for making your product available. I've recommended it to a number of folks and will continue to do so." J.H. in Portland, OR
Find Home Financial Planning Software
A customer comment from the sidebar: "VeriPlan has been a very flexible home financial planning tool. It took me a few hours on a weekend to understand what VeriPlan could do and to enter our financial data. Our family financial affairs were scattered all over, and we lacked a comprehensive picture of what the future might hold for us. I wanted a clear understanding of our projected lifetime and retirement income, expenses, taxes, debts, real estate, financial assets, college investments, retirement investments, and everything else all together." S. L. in Altadena, CA
Discover Family Financial Planning Software
A customer comment from the sidebar: "You have done a great job of including the necessary instructions in VeriPlan, located close to where the modeling is happening. The thing I like about the VeriPlan User Guide is that it adds substantial additional commentary that I personally find very valuable. I was hunting for a capable and reasonably priced financial planning package, and VeriPlan is an awesome tool. The more I play around with it, the more valuable I find it. Your free user guide was what made me decide to get VeriPlan." C. A. in North Royalton, OH
Financial Planning Software for Individuals
A customer comment from the sidebar: "One of the stories that VeriPlan tells me is how much of my money could be lost to excessive investment costs. I just switched to some lower cost funds in my 401k. I loved updating VeriPlan with the new cost values just to see the red bar on the Total Assets chart get significantly thinner - quite a shocking difference." M. W. in Tulsa, OK
The Best DIY Retirement Planning Software
A customer comment from the sidebar: "I am extremely impressed with the depth of information that VeriPlan asks for and provides. VeriPlan seems much more detailed than one would expect for the very reasonable price. Although I am not a financial professional, I consider myself more financially educated than the most people of my age (62). I find that VeriPlan's depth to be just what we need for our retirement planning. I am glad I purchased it. Thanks." J. W. in Gainsville, FL
Financial Planning Software for Consumers
A customer comment from the sidebar: "I have been very happy with this software. I will put VeriPlan to work to help optimize our IRA to Roth conversions, while avoiding the IRMAA penalties if we can. We are in an opportunistic window for the next several years. I have been appalled by the lack of professional knowledge available with respect to the tax burden that will fall upon us when RMDs take effect. Most of the information I have found suggests that it isn't a problem. Luckily, this software will be of great benefit to chart our course." J. S. in Louisville, KY
Family Financial Planning Software
A customer comment from the sidebar: "I am a recently retired engineer, and I created a cash flow Excel spreadsheet for 25 years of retirement. So, I fully appreciate the data and potential variances that must be accounted for. Yet, mine is so very simple compared to VeriPlan. I love VeriPlan's concept of total control over inputs and parameters. Veriplan's objectives are very much like mine, but it has many, many more input and control options, and the price is spot on." L. G. in Southbridge, VA
Family Financial Planning Software for Consumers
A customer comment from the sidebar: "I've been using VeriPlan for a few weeks now, and it is everything I was looking for plus a whole lot more of what I didn't even know I needed. By simply switching VeriPlan to a state that does not have a state income tax, I can see how much I could save on traditional IRA distributions in retirement by moving to a state without income taxes. It is a real education in personal finance, and I think just about everyone would benefit from using this tool." T. H. in Silicon Valley CA
Financial Planning and Retirement Software for Home Use
To download this file, go to The Skilled Investor’s Downloads page. Scroll to the bottom and select the state tax rate document. Click on the “Download” floppy disk icon and accept the disclaimer. A dialog box will open asking whether to open the file directly with Excel or to save it to your hard disk. This process should be familiar to anyone who has downloaded any website files before.
You might also want to note that the Federation of Tax Administrators provides substantial additional information on state and local taxes. However, their state income tax rate information is not as timely as this file provided by The Skilled Investor, and the FTA does not specify particular taxable income tax rate breakpoints for states with graduated income tax rates. According to the FTA website, the FTA “was organized in 1937 to improve the quality of state tax administration by providing services to state tax authorities and administrators.” To find the FTA’s state tax information go to: http://www.taxadmin.org/ and click on “State Comparisons” to the left, then “Tax Rates.” In addition to state income tax information, you will find information on sales taxes, excise taxes, and other taxes at the state level.
Related Personal and Retirement Financial Planning Articles
