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I am retired and living entirely on Social Security in Kansas.

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I am living at my...
I am retired and living entirely on Social Security in Kansas. I am living at my sons home for now. I have a sizable Investment which I plan to cash in soon. I then plan to move to Florida and purchase a home. Florida does not have an income tax. How can I receive my funds so as not to pay taxes in Kansas?
Submitted: 2 years ago.Category: Tax
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5/18/2015
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello and thanks for trusting me to help you today. I am a tax adviser with over 20 years of experience.
If you wish to avoid taxation on the investment, you would need to wait till after your move to Florida. There is no way you can be a resident in Kansas and avoid the taxation of your income.
Depending on the actual investment you hold you may not have tax on the total you receive.
Some investments are taxed on the earnings (annuities would be a good example). You would not pay tax on the distributed contributions.
Perhaps if you advise on the type of investment, I can advise on the possible taxation.
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Please advise if you need more information. I would like to continue after you let me know what type of "investment" you are going to cash in.
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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
15,888 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

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