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Oct 4, 2013, 10:46 AM

Post #1 of 3 (176 views)

Taxes

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I am planning my retirement in Mexico. My wife and I will receive SS benefits and some other retirement income (e.g. 401k, bonds, etc.). If we reside in Mexico permanently, who will charge taxes on our income through SS and the retirement income? I know that IRS charges US citizens anything above $96000 of foreign income and we won't receive $96000 annually. All of my accounts exist in US.

Does anyone know or have the same experience?

Thank you

Oct 4, 2013, 12:24 PM

Post #2 of 3 (150 views)

Re: [TijuanaMax] Taxes

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The $96K exclusion is for foreign earned income only. Funds paid from most retirement and investment accounts are subject to taxation. With Social Security, how much is taxable will depend on your combined income from SS and other sources. You might want to take a look at this:
http://www.irs.gov/...tions/p915/ar02.html

Kate

Oct 4, 2013, 1:18 PM

Post #3 of 3 (131 views)

Re: [TijuanaMax] Taxes

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In other words, forget Mexico .... it's all US income

Sparks Mexico - Sparks Costalegre