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CCH can assist you with stories, including interviews with CCH subject experts. Also, the 2012
CCH Whole Ball of Tax
is available in print. Please contact:
 
Leslie Bonacum
(847) 267-7153
mediahelp@cch.com
 
Eric Scott
(847) 267-2179
eric.scott@wolterskluwer.com

Visit the CCH Whole Ball of Tax site often as new releases and other updates will be posted throughout the tax season.

CCH provides special CCH Tax Briefings on key topics at CCHGroup.com/Legislation.

 
2012 CCH Whole Ball of Tax
Release (10) | Back to WBOT

2012 CCH Whole Ball of Tax

Contact:
Leslie Bonacum
, 847-267-7153, mediahelp@cch.com
Eric Scott, 847-267-2179, eric.scott@wolterskluwer.com

Taxes Can Add Up Depending on Where You Retire

CCH Identifies Key Taxes to Consider in Looking at Different Retirement Living Options

(RIVERWOODS, ILL., January 2012) – As more and more baby boomers are reaching retirement age, they’ll have many factors to consider in choosing where to live in retirement, including the tax ramifications of where to call home, according to CCH, a Wolters Kluwer business and a leading provider of tax, accounting and audit information, software and services (CCHGroup.com).

“As the economy begins to improve, more retiring baby boomers may begin looking at where they may want to live in retirement,” said CCH State Tax Analyst Kathleen Thies, JD. “Taxes are one of the things they should consider when determining the costs of different areas they are looking at.”

Key taxes seniors should assess when evaluating the financial implications of moving include:

  1. State taxes on retirement benefits;
  2. State income tax rates;
  3. State and local sales tax, including the growing taxation of services;
  4. State and local property taxes; and
  5. State estate taxes.

Below CCH examines each of these.

Taxability of Retirement Benefits Varies State to State

Retirement income is safe from state income taxes in the seven states that do not tax individual income: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two other states – New Hampshire and Tennessee – impose income taxes only on dividends and interest (5 percent for New Hampshire and 6 percent for Tennessee for 2011).

In the remaining 41 states and the District of Columbia, tax treatment of retirement benefits varies widely as each state generally is allowed to determine its own tax treatment of retirement income, including both pension and Social Security income.

As a result, some states exempt all pension income or all Social Security income, others provide only partial exemption and others tax all retirement income.

States exempting pension income entirely are Pennsylvania and Mississippi. States exempting a portion of pension income include Arkansas, Colorado, Delaware and New York. States generally taxing pension income include Arizona, California, Minnesota and Rhode Island. (See chart below for additional detail.)

Among states announcing changes to income tax for retirement plans in 2011 were:

  • District of Columbia: Enacted legislation that amends the income tax withholding rules for retirement distributions. A distribution from a retirement account will be taxed at the highest income tax rate. Imposition of the highest rate is no longer limited to early distributions.
  • Georgia: Enacted legislation that phases out the Georgia personal income tax on retirement income beginning in 2012. At that time, taxpayers who are age 62 but under age 65 during any part of the taxable year, or permanently and totally disabled, can exclude up to $35,000 per year for each taxpayer. Taxpayers age 65 or older during any part of the taxable year can exclude up to $65,000 for 2012 ($100,000 for 2013, $150,000 for 2014, $200,000 for 2015) per year for each taxpayer. As of 2016, taxation on retirement income is completely eliminated for taxpayers age 65 or older during any part of the taxable year.
  • Michigan: The deduction for pension benefits for senior citizens is curtailed based on the taxpayer's birth year and household resources. Currently, this deduction is limited by a dollar amount, but no other limitation applies. Specifically, for persons born before 1946, the deduction for pension benefits is unchanged. However, for persons born in 1946 through 1952, the deduction for pension benefits is limited to $20,000 for a single return and $40,000 for a joint return, and after that person reaches age 67, the pension benefits deduction is no longer applicable, but the taxpayer is eligible for a deduction of $20,000 for a single return and $40,000 for a joint return against all types of income. For persons born after 1952, when the person reaches age 67, the taxpayer may elect to take the deduction of $20,000 for a single return and $40,000 for a joint return against all types of income and forgo the deduction for Social Security and the personal exemption. Alternatively, persons born after 1952 (after reaching age 67) may elect the Social Security deduction and the personal exemption. For all taxpayers, other than those born before 1946, the available deductions are not available if the taxpayer’s total household resources exceed $75,000 for a single return or $150,000 for a joint return.
  • Wisconsin: Updated its guidance on Roth IRA rollovers to conform to the federal treatment. Federally, taxpayers who rolled over a regular IRA to a Roth IRA in 2010 had the option of paying all the income tax owed on their 2010 income tax return, or paying it in two even installments on their 2011 and 2012 tax returns. Note, for Wisconsin’s purposes a taxpayer paying the taxes on their 2011 and 2012 tax returns is required to pay Wisconsin the tax on the distribution for each of the two years, even if the taxpayer becomes a nonresident of Wisconsin during the two-year period.

While some states tax pension benefits, only 14 states impose tax on Social Security income: Colorado, Connecticut, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Jersey, North Dakota, Rhode Island, Vermont and West Virginia. These states either tax Social Security income to the same extent that the federal government does or provide breaks for Social Security income, often for lower-income individuals.

According to Thies, one struggle for many seniors in 2011 continued to be that few states increased their exemption thresholds for Social Security income tax.

“States continued to have serious revenue shortfalls, so many again did not increase Social Security exemption thresholds,” said Thies. “However, after two years without an inflation adjustment, some relief will be provided by the cost of living adjustment for Social Security benefits at the federal level for 2012.”

See chart below for full detail on Taxation of Retirement Income.

State Income Tax Rates Also Vary Widely

Income tax rates also can have a significant financial impact on retirees in determining where they want to live and can vary widely across the country.

While only a few states have no income tax or only tax interest and dividend income, as noted above, some have a relatively low income tax rate across all income levels. For example, the highest marginal income tax rates in Arizona, New Mexico and North Dakota are below 5 percent. Some states have a relatively low flat tax regardless of income, such as Indiana (3.4 percent) and Pennsylvania (3.07 percent) for 2012.

On the other hand, some states have much higher income tax rates on more modest income. For example, in Maine, the highest tax rate of 8.5 percent applies to income of more than $40,700 for couples and $20,350 for single filers in 2012 and in Arkansas the highest rate of 7 percent applies to income of more than $33,200 regardless of filing status. A few states have very high income tax rates for wealthier taxpayers. For example, Oregon has a maximum 11 percent income tax rate for income of more than $500,000 for couples and $250,000 for single filers.

“States have not been as aggressive in raising income taxes overall, despite the struggling economy,” said Thies. “However, retirees need to understand that states can do this and should research the tax climate in areas they’re looking at so they aren’t surprised once they’ve moved.”

See the chart in Release 18 for full detail on State Income Tax Rates.

Property, Sales Tax Add to Tax Burden

Property and sales tax also can affect the affordability of retirement living.

Both property tax and sales tax can include a state component as well as a county, city or other local taxing body component in most parts of the country, making them potentially more volatile.

Sales and Use Tax

Sales taxes vary considerably state to state and local taxes can also add significantly to the tax rate. In 2011, Connecticut increased its state sales and use tax rate from 6 percent to 6.35 percent effective July 1, 2011. A few states also decreased their state rates: California, from 8.25 percent to 7.25 percent effective July 1, 2011; and North Carolina, from 5.75 percent to 4.75 percent, also effective July 1, 2011.

Local sales and use tax rates also have an effect on the total rate, so retirees need to keep those in mind as well.

In addition to knowing the sales tax rates, it’s important to know where and to what extent they apply.

“States are struggling to deal with their budget deficits and are constantly looking for ways to increase their revenues,” said CCH Senior State Tax Analyst Carol Kokinis-Graves, JD. “Yet, state legislatures are often reluctant to impose an across-the-board rate increase, and may opt instead to apply the sales tax to a broader range of transactions.”

To this end, states often consider taxing services as a way to meet their revenue requirements without technically raising the base sales tax. It also can have an impact on what seniors can expect to pay for everyday services.

For example, only Hawaii and New Mexico tax services provided by a doctor; these states, as well as South Dakota also tax services provided by CPAs and attorneys.

However, more everyday services also are taxed in some states. For example, Hawaii, New Mexico and South Dakota, as well as Iowa, tax barber services. And many states assess taxes to some extent on landscape services, including Arkansas, Arizona, Connecticut, District of Columbia, Hawaii, Iowa, Minnesota, Mississippi, Nebraska, New Jersey, New Mexico, New York, Ohio, Pennsylvania, South Dakota, Texas, Washington, West Virginia and Wisconsin .

How states tax other consumer goods also varies considerably. For example, with the exception of Illinois, all states exclude prescription drugs from sales tax. Massachusetts , Minnesota, New Jersey, Pennsylvania, Rhode Island and Vermont all exclude some clothing from tax. Some states also exempt certain food from tax.

Property Tax

While property taxes can be significant, seniors may be able to take advantage of property tax breaks. For example, many states and some local jurisdictions offer some form of property tax exemption, credit, abatement, tax deferral, refund or other benefit to senior citizen homeowners. These tax breaks also are available to renters in some jurisdictions. The benefits typically have qualifying restrictions that include age of the homeowner and their income.

Because property taxes can be a significant expenditure, it’s a good idea to clearly understand not only the current property tax but also the history of how property rates have changed in the area.

State Estate Tax Treatment Also a Consideration

For wealthier seniors, state estate taxes also can have an impact on where they choose to call home. Seniors need to check whether or not and to what extent the state assesses an estate tax. They also need to consider on what size estates any taxes kick in as many states impose estate taxes on much smaller estates than under federal law.

“States are cash strapped, so many have an exclusion amount of $1 million or $2 million and are reluctant to raise the exclusion amounts,” said CCH Estate Planning Analyst James C. Walschlager, MA.

For more information on estate tax issues, see Release 15.

About CCH, a Wolters Kluwer business

CCH, a Wolters Kluwer business (CCHGroup.com) is a leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. CCH is based in Riverwoods, Ill. Follow us now on Twitter @CCHMediaHelp. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands.

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nb-12-39

State Taxation of Retirement Income

The following chart shows generally which states tax retirement income, including Social Security and pension income. States shaded indicate they do not tax these forms of retirement income.

State

State Tax of Social Security Income

State Tax of Pension Income

Alabama

Not taxed

Certain pension income not taxed

Alaska

No individual income tax

No individual income tax

Arizona

Not taxed

Generally taxable

Arkansas

Not taxed

Exempt to certain level

California

Not taxed

Generally taxable

Colorado

Exempt to a certain level

Exempt to a certain level; age restrictions apply

Connecticut

Exemption based on adjusted gross income (AGI)

Generally taxable

Delaware

Not taxed

Exempt to a certain level; age restrictions apply

District of Columbia

Not taxed

Generally taxable

Florida

No individual income tax

No individual income tax

Georgia

Not taxed

Exempt to a certain level; age restrictions apply

Hawaii

Not taxed

Distributions are partially exempt

Idaho

Not taxed

Generally taxable

Illinois

Not taxed

All income from federally qualified pension plan is generally exempt

Indiana

Not taxed

Generally taxable

Iowa

Exempt to a certain level

Exempt to a certain level; age restrictions apply

Kansas

Exemption based on AGI

Generally taxable

Kentucky

Not taxed

Exempt to a certain level

Louisiana

Not taxed

Exempt to a certain level; age restrictions apply

Maine

Not taxed

Exempt to a certain level, excluding IRA and SEP distributions

Maryland

Not taxed

Exempt to a certain level; age restrictions apply

Massachusetts

Not taxed

Generally taxable

Michigan

Not taxed

Exempt to a certain level, excluding certain 401(k) and 403(b) distributions

Minnesota

Taxed

Generally taxable

Mississippi

Exempt in total

Not taxed

Missouri

Exemption based on AGI

Exempt to a certain level; income restrictions apply

Montana

Exemption based on AGI

Exempt to a certain level; income restrictions apply

Nebraska

Taxed

Generally taxable

Nevada

No individual income tax

No individual income tax

New Hampshire

Only dividends and interest are taxable

Only dividends and interest are taxable

New Jersey

Social Security excluded from gross income

Exempt to a certain level; age and income restrictions apply

New Mexico

Taxed

Exempt to a certain level; age and income restrictions apply

New York

Not taxed

Exempt to a certain level; age restrictions apply

North Carolina

Not taxed

Exempt to a certain level

North Dakota

Taxed

Generally taxable

Ohio

Not taxed

Credit for pension distribution or income allowed; age restrictions apply

Oklahoma

Not taxed

Exempt to a certain level; age restrictions apply

Oregon

Not taxed

Credit for pension distribution or income allowed; age restrictions apply

Pennsylvania

Not taxed

Not taxed

Rhode Island

Taxed

Generally taxable

South Carolina

Not taxed

Exempt to a certain level; age restrictions apply

South Dakota

No individual income tax

No individual income tax

Tennessee

Only dividends and interest are taxable

Only dividends and interest are taxable

Texas

No individual income tax

No individual income tax

Utah

Exemption based on AGI

Exempt to a certain level; age and income restrictions apply

Vermont

Taxed

Generally taxable

Virginia

Not taxed

Exempt to a certain level; age and income restrictions apply

Washington

No individual income tax

No individual income tax

West Virginia

Taxed

Generally taxable

Wisconsin

Not taxed

Generally taxable

Wyoming

No individual income tax

No individual income tax

 

State Tax Treatment of Social Security and Pension Income

The following CCH analysis provides a general overview of how states treat income from Social Security and pensions. States shaded indicate they do not tax these forms of retirement income.

State

Social Security Income

Pension Income

Alabama

State computation not based on federal. Social Security benefits excluded from taxable income.

Individual taxpayer’s pension income from retirement pay from a qualified pension or an IRC Sec. 414(j) defined benefit plan is not taxed.

Alaska

No individual income tax.

No individual income tax.

Arizona

Social Security benefits subtracted from federal AGI.

Individual taxpayer’s pension income is generally taxable.

Arkansas

State computation not based on federal. Social Security benefits excluded from taxable income.

Up to $6,000 total in retirement pay benefits and benefits received from an individual retirement account (IRA) is exempt.

California

Social Security benefits subtracted from federal AGI.

Individual taxpayer’s pension income is generally taxable.

Colorado

Pension income, including Social Security benefits, up to $24,000 may be subtracted from federal taxable income by those 65 and older, and up to $20,000 by those 55 and older or those who are second-party beneficiaries of someone 55 or older.

An individual taxpayer 55 through 64 years old can exclude up to $20,000 ($24,000 for a taxpayer aged 65 or older) in pension and annuity income.

Connecticut

Joint filers and heads of households with AGIs under $60,000 and individuals with AGIs under $50,000 deduct from federal AGI all Social Security income included for federal income tax purposes. Joint filers and heads of households with AGIs over $60,000 and individuals with AGIs over $50,000 deduct the difference between the amount of Social Security benefits included for federal income tax purposes and the lesser of 25% of Social Security benefits received or 25% of the excess of the taxpayer's provisional income in excess of the specified base amount under IRC Sec. 86(b)(1).

Individual taxpayer’s pension income is generally taxable.

Delaware

Social Security benefits subtracted from federal AGI.

An individual taxpayer younger than 60 may deduct pension amounts of up to $2,000, and a taxpayer 60 or older may deduct up to $12,500. Eligible amounts for a taxpayer 60 or older include retirement income (dividends, capital gains realization, interest and rental income).

District of Columbia

Social Security benefits subtracted from federal AGI.

Individual taxpayer’s pension income is generally taxable.

Florida

No individual income tax.

No individual income tax.

Georgia

Social Security benefits subtracted from federal AGI.

For 2011 an individual taxpayer 62 or older may exclude up to $35,000 of retirement income ($70,000 maximum exclusion for joint returns), up to $4,000 of the maximum exclusion amount may be earned income. Phase out of taxation of retirement income beginning with the 2012 tax year.

Hawaii

Social Security benefits subtracted from federal AGI.

Distributions derived from employer contributions to pensions and profit-sharing plans are exempt.

Idaho

Social Security benefits subtracted from federal AGI.

Individual taxpayer’s pension income is generally taxable.

Illinois

Social Security benefits subtracted from federal AGI.

Income from a federally qualified retirement plan and an IRA, as well as retirement payments to a retired partner, is excluded.

Indiana

Social Security benefits subtracted from federal AGI.

Individual taxpayer’s pension income is generally taxable.

Iowa

Subtraction allowed for 67% of federally taxable benefits for tax year 2011, 77% in 2012 and 89% in 2013. For tax years after 2013, Social Security benefits are fully exempt.

Married taxpayers 55 or older filing a joint return may exclude up to $12,000 ($6,000 for an unmarried taxpayer) of pension benefits and other retirement pay. A special rule applies to a spouse filing separately.

Kansas

For 2011 and thereafter, taxpayers with a federal AGI of $75,000 or less are exempt from any state tax on their Social Security benefits.

Individual taxpayer’s pension income is generally taxable.

Kentucky

Social Security benefits subtracted from federal AGI.

Up to $41,110 of retirement income from a pension plan, annuity contract, profit-sharing plan, retirement plan or employee savings plan, including IRA amounts and other similar income, is exempt.

Louisiana

Social Security benefits subtracted from federal AGI.

Up to $6,000 of the pension and annuity income of an individual taxpayer 65 or older is exempt.

Maine

Social Security benefits subtracted from federal AGI.

A recipient of pension benefits under an employee retirement plan may generally subtract from federal AGI the lesser of:

–$6,000 (reduced by the total amount of the recipient’s Social Security benefits and Railroad Retirement benefits paid); or

–The aggregate of pension benefits received by the recipient under employee retirement plans and included in the individual’s federal AGI.

Maryland

Social Security benefits subtracted from federal AGI.

For 2011, up to $26,300, generally, in pension income (except income from an IRA, SEP or Keogh) is excludable for an individual taxpayer 65 or older.

Massachusetts

Social Security benefits subtracted from federal AGI.

Individual taxpayer’s pension income is generally taxable.

Michigan

Social Security benefits subtracted from federal AGI.

For 2011, up to $45,842 in pension and retirement income is deductible on a single return ($91,684 on a joint return); however, distributions from certain 401(k) or 403(b) plans are taxable. Additionally, senior citizens age 65 or older may also be able to deduct part of their interest, dividends, and capital gains that are included in AGI. For 2011, the deduction is limited to a maximum of $10,218 for single filers and $20,437 for joint filers.

Minnesota

State computation begins with federal taxable income. No subtraction.

Individual taxpayer’s pension income is generally taxable.

Mississippi

State computation not based on federal. Social Security benefits exempt in total.

Retirement allowances, pensions, annuities or “optional retirement allowances” (income from Keogh plan, IRA or deferred compensation plan) are exempt.

Missouri

Social Security benefits that are included in federal AGI may be subtracted. The maximum amount of benefits that may be deducted is as follows: 80% for 2011 and 100% for 2012 and after.

For 2011, married couples with Missouri AGI less than $100,000 and single individuals with Missouri AGI less than $85,000, may deduct the greater of $6,000 or 80% percent of their public retirement benefits, to the extent the amounts are included in their federal AGI.

For a taxpayer with an income level above the AGI limits listed above, a partial exemption may be available.

Montana

Separate calculation to determine taxable Social Security benefits. Benefits exempt if income is $25,000 or under for single filers or heads of households or $32,000 and under for married taxpayers filing jointly.

For an individual taxpayer, up to $3,760 of pension and annuity income is exempt (reduced by $2 for every $1 of federal AGI that exceeds $31,370).

Nebraska

State computation begins with federal AGI. No subtraction.

Individual taxpayer’s pension income is generally taxable.

Nevada

No individual income tax.

No individual income tax.

New Hampshire

Only dividends and interest are taxable.

Only dividends and interest are taxable.

New Jersey

State computation not based on federal. All Social Security benefits are excluded by statute from gross income.

Married taxpayers filing jointly and 62 or older with an income of $100,000 or less may exclude up to $20,000 of pension or annuity income, or of IRA withdrawals ($10,000 if an individual taxpayer is married and filing separately or $15,000 for a single taxpayer, a head of household or a qualifying widow(er)).

New Mexico

State computation begins with federal AGI. No subtraction.

An individual taxpayer 65 or older may exempt up to $8,000 of income, including pension income, depending upon the individual's filing status and federal AGI.

Joint filers, a surviving spouse or a head of household with AGI of $51,000 or more are ineligible for this exemption. A married individual filing separately becomes ineligible at $25,500. A single individual becomes ineligible at $28,500.

New York

Security benefits subtracted from federal AGI.

For an individual taxpayer
59½ or older, $20,000 of pension and annuity income is exempt.

North Carolina

Social Security benefits subtracted from federal taxable income.

Up to $2,000 in retirement benefits, other than railroad retirement benefits, received during the tax year from one or more private retirement plans, and included in federal gross income, is deductible.

For a married couple filing a joint return, the maximum amount that may be deducted applies separately to the benefits received by each spouse.

North Dakota

State computation begins with federal taxable income. No subtraction.

Individual taxpayer’s pension income is generally taxable.

Ohio

Social Security benefits subtracted from federal AGI.

A recipient of retirement income may claim an annual credit ranging from $25 to $200, depending on the amount of benefit received during the year. Also, in lieu of the $50 senior citizen income credit (credit eligibility is dependent on age not retirement income) an individual taxpayer 65 or older may claim a credit for a lump-sum distribution from a retirement, pension or profit-sharing plan equaling $50 times the taxpayer’s expected remaining life years. If they choose the lump sum distribution credit, however, they are no longer eligible for the annual senior citizen credit.

Oklahoma

Social Security benefits subtracted from federal AGI.

For 2011, up to $10,000 of retirement benefits from a private pension is exempt for an individual taxpayer 65 or older, but not to exceed the amount included in federal AGI.

Oregon

Social Security benefits subtracted from federal taxable income.

An individual taxpayer 62 or older may claim a credit for pension income from a public or qualified private pension benefit plan in the amount of the lesser of 9% of the individual’s net pension income or the individual’s state personal income tax liability.

Pennsylvania

State computation not based on federal. Social Security benefits not included in state taxable income.

Individual taxpayer’s pension income is not taxed.

Rhode Island

State computation begins with federal taxable income. No subtraction.

Individual taxpayer’s pension income is generally taxable.

South Carolina

Social Security benefits subtracted from federal taxable income.

An individual taxpayer receiving retirement income may deduct up to $3,000. A taxpayer 65 or older may deduct up to $10,000. The personal income tax deduction from taxable retirement income can only be claimed by the taxpayer who is the original owner of a qualified retirement account.

South Dakota

No individual income tax.

No individual income tax.

Tennessee

Only dividends and interest are taxable.

Only dividends and interest are taxable.

Texas

No individual income tax.

No individual income tax.

Utah

State computation begins with federal taxable income. No subtraction.

An eligible retiree age 65 or older is allowed a nonrefundable retirement credit of $450, and an eligible retiree under age 65 is allowed a nonrefundable retirement credit equal to the lesser of $288 or 6% of the eligible retirement income for the taxable year for which the retiree claims the tax credit. These credits are phased out at 2.5 cents per dollar by which modified AGI exceeds $16,000 for married individuals filing separately, $25,000 for singles and $32,000 for heads of household and joint filers.

Vermont

State computation begins with federal taxable income. No subtraction.

Individual taxpayer’s pension income is generally taxable.

Virginia

Social Security benefits subtracted from federal AGI.

The $12,000 deduction available to an individual taxpayer 65 or older is reduced dollar for dollar for every $1 that the taxpayer’s adjusted federal AGI exceeds $50,000 ($75,000 for married taxpayers). For a married taxpayer filing separately, the deduction is reduced by $1 for every $1 that the total combined adjusted federal AGI of both spouses exceeds $75,000

Washington

No individual income tax.

No individual income tax.

West Virginia

State computation begins with federal AGI. No subtraction.

Individual taxpayer’s pension income is generally taxable.

However, subject to some qualification, an individual taxpayer who, by the last day of the tax year, has reached age 65 may deduct up to $8,000 to the extent that amount was includable in federal AGI.

Wisconsin

Full exclusion effective beginning in tax year 2008.

Individual taxpayer’s pension income is generally taxable.

Wyoming

No individual income tax.

No individual income tax.

 

SOURCE: CCH, 2012.

Permission for use granted.

 

       


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