I Asked ChatGPT How Much I’d Pay in Taxes If I Retired in Florida — Here’s What It Said

Core Points - Florida is recognized as a tax-friendly state for retirees, particularly due to the absence of state income tax, but federal taxes still apply [1][6] State Taxes - Florida does not impose a state income tax, benefiting retirees by not taxing pensions, 401(k) and IRA withdrawals, Social Security benefits, and investment income at the state level [7] - The state offers various tax breaks, including a homestead exemption that can provide property tax relief of up to $50,000 for permanent residents [3][4] - Residents aged 65 and older can receive an additional property tax break of $50,000, subject to specific requirements [5] Federal Taxes - Federal income tax applies to all earned income, including part-time work, and withdrawals from tax-deferred retirement accounts are taxed as ordinary income [8] - Up to 85% of Social Security benefits may be taxable depending on overall income, and investment income is also subject to federal taxation [8] - Florida does not have a state estate or inheritance tax, but federal estate tax may apply to estates exceeding the federal exemption of $13.9 million per individual in 2025 [9]