If you receive a Form 1099-INT for interest income on deposits that were frozen at the end of 2014, see Frozen deposits under How To Report Interest Income in chapter 1 of Publication 550, for information about reporting this interest income exclusion on your tax return.
What are the most income tax-friendly states for retirees? That would be the seven states â Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming â that donât tax personal income; and the two states â New Hampshire and Tennessee â that collect income tax only on interest and dividend income.
In particular, business taxes in California are some of the most oppressive of any state. High taxes, combined with the onerous business regulations for which California is also known, have led many business owners in the 21st century to flee the state for places they perceive as more friendly operating grounds, such as Texas and Florida.