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Remember, too, that there are different kinds of retirement income, such as from pensions, Social Security, annuities, and retirement account withdrawals -- and the tax hits may be different for ...
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.
Colorado reduced its income tax rate to 4.25% in May ... now eliminates taxes on Social Security altogether — starting with the 2024 tax year. Minnesota. ... your portfolio with tax-free bonds.
24. Texas. State sales and average local tax: 8.20% State tax on Social Security: None Effective property tax: 1.66% Income tax rate (65+): 0% Four of the best cities to retire on $2,000 a month ...
Percentage of Taxable Benefits Added to Income. Filing Single. Married, Filing Jointly. 0%. Less than $25,000. Less than $32,000. Up to 50%. $25,000 to $34,000
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.
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Image source: Getty Images. These 9 states tax Social Security benefits. Here are the nine states that do tax Social Security benefits:. Colorado. Connecticut. Minnesota. Montana. New Mexico