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Many states don't tax Social Security 33 states have state income taxes but don't tax Social Security benefits. The nation's capital, Washington, D.C., also doesn't tax benefits.
Uncle Sam doesn't care where you live. While 41 states plus Washington, D.C. don't require you to pay state taxes on your Social Security benefits, you could have to pay federal taxes on your ...
The newest member of this list is Kansas, which signed a law in June that eliminated its state tax on Social Security. States where you may have to pay taxes on Social Security. Unfortunately, 41 ...
Its residents between the ages of 55 and 64 aren't taxed on their first $20,000 worth of yearly Social Security income, while anyone over the age of 65 living in the Centennial State doesn't owe ...
Instead of paying 85% on $20,000 ($17,000), Social Security would take the $17,000, add it to any other income you have, and then tax it at your regular tax rate.
States are prohibited from taxing income from federal bonds or other federal obligations. Most states do not tax Social Security benefits or interest income from obligations of that state. In computing the deduction for depreciation, several states require different useful lives and methods be used by businesses.
Avoiding state taxes doesn't mean you can avoid federal taxes Regardless of your state's specific rules around taxing Social Security, federal rules apply to everyone.
Unfortunately, while most states don't tax Social Security benefits, the federal government does. Specifically, up to 85% of your benefits may be taxed federally . The table below offers details: