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Here's some very good news for those approaching or in retirement: Fully 41 states don't tax Social Security benefits-- and that number has been growing in recent years. But the news isn't all ...
Remember, too, that living in a state that doesn't tax any retirement income won't mean no taxes. There's still the federal government, which does tax some Social Security benefits .
Nevertheless, with most state income tax rates ranging anywhere from 4% to 13%, avoiding these income taxes could save you hundreds if not thousands of dollars per year.
New Mexico taxes retirement income using state income tax rates, which range from 1.7% to 5.9% in 2024. Residents ages 65 and older can claim an $8,000 exemption to offset their tax burdens.
However, Walz proposed providing one-time checks to Minnesota residents and tax cuts for Social Security recipients. The tax cuts targeted single-person households earning less than $75,000 and ...
Only eight states tax Social Security benefits, but even if you live in one of the 42 states that don’t tax your benefits, you still have to pay federal taxes on your Social Security payouts.
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The North Star State has four tax brackets, adding anywhere between 5.35% to 9.85% in taxes to your bill. But you can deduct all of your Social Security benefits for state tax purposes if your ...