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I’m considering retiring to Mexico. I know that American citizens are required to file and pay taxes in the USA regardless of where they may live. I also understand that Mexico also taxes Americans on worldwide income for those that live in Mexico and are considered tax residents.  I would be considered a tax resident as I plan on living in Mexico full time and obtaining permanent residency. Can anyone provide me some information on the following:

1) I’m 55 and have some savings, investments and pensions all from USA sources. My pensions will not be available until I’m 62 at the earliest and I plan on living off my savings and investments for 8 years. The investment I will be withdrawing from is a 457b (similar to 401k). I plan on withdrawing 2000 a month and know that I will have to pay USA tax as the withdrawals are considered taxable income.  Assuming I have to pay $1000 usd on $24,000 annual income (I’m making this up) how would that effect the amount I have to pay in Mexican tax?  Say I complete a Mexico tax return on my $24,000 and I owe $1500 in taxes. I know there is a tax treaty that prevents American from double taxation. Would I end up paying $1000 in taxes to USA and then be able to apply the $1000 as a tax credit for Mexican taxes and only have to pay $500 in Mexico taxes? Is this how taxes generally work for an American that has to pay Mexico taxes?

2) For those that have filed both USA and Mexico tax returns do you usually have to pay both USA and Mexico for taxes? How much extra in taxes beyond the amount paid to the USA do you pay to Mexico?

I’m trying to obtain an understanding on how the tax system works  and how much (if any) additional tax one usually pays beyond the taxes paid to the USA. Do most people have to pay additional tax to Mexico after paying USA tax? Thanks again for any input you can provide.