2018年10月10日 · A portion of Social Security retirement, disability and other benefits are subject to federal income tax if your overall income exceeds a cap the U.S. government sets. Nine states also tax some or all of their residents’ Social Security benefits: Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont and West Virginia.

2023年1月12日 · Illinois, which has a 4.95 percent flat income tax, won’t tax distributions from most pensions and 401(k) plans, or from IRAs and Social Security payouts. Earnings from investments are taxable, however. Mississippi has a maximum state tax of 5 percent. It doesn’t tax retirement distributions or Social Security benefits.

2023年2月10日 · With a push from AARP, North Dakota stopped taxing Social Security benefits in 2021, and Nebraska is phasing its tax out over the next two years. Other states, including Colorado, New Mexico, Utah, Vermont and West Virginia, have reduced the tax burden on older residents by expanding exemptions and deductions for Social Security income.

2025年1月24日 · Most states do not tax Social Security benefits. But if you live in Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, Rhode Island, Utah, Vermont or West Virginia, some portion of your benefits may be subject to state income taxes, under widely varying rules and formulas. That money goes into the states ...

2024年2月29日 · AARP’s state guides outline what the income tax, sales tax and other tax rates are in your state; how income taxes and property taxes are calculated; if income from pensions, retirement accounts or Social Security benefits is taxed; if your state has inheritance or estate tax; if military benefits are taxed; and what tax breaks are available.

2018年10月10日 · The Social Security Administration estimates that about 56 percent of Social Security recipients owe income taxes on their benefits. All of the above concerns federal income taxes. For the 2024 tax year, nine states will also tax Social Security to varying degrees: Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Vermont ...

2018年10月10日 · Nine states levy a tax on Social Security benefits: Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Vermont, Utah and West Virginia. Members only The tax rates and exemptions vary by state, and West Virginia is phasing out taxation of benefits (it will end for all state residents with the 2026 tax year).

2023年8月7日 · Finally, there’s Social Security income. The federal government can tax some Social Security benefits, depending on your income. You’ll be taxed on: Up to 50 percent of your benefits if your income is $25,000 to $34,000 for an individual or $32,000 to $44,000 for a married couple filing jointly.

2024年6月20日 · A dwindling number of states also tax Social Security income to varying degrees, with that money going into their general funds. With Kansas’ repeal, only nine states will tax benefits received in 2024: Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont and West Virginia (which will eliminate the tax in 2026).

2020年11月10日 · Several states have recently changed their tax rules for military retirement pay. Indiana, Nebraska, Oklahoma and South Carolina stopped taxing military pensions in the 2022 tax year. Virginia introduced a partial exemption that will expand over the next few years, and Delaware, Maryland and New Mexico have expanded existing exemptions.