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Every rule has an exception. In this case, filers in certain states need to be aware of their state's tax requirements. There are 12 states that tax Social Security benefits. These include ...
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.
Unlike state tax laws, which can shift and change with cost of living and inflation, the income thresholds and tax rates for federal taxation of Social Security haven’t changed in 30 years.
The Minnesota Department of Revenue (MNDOR) is an agency of the U.S. state of Minnesota. It manages and enforces the reporting, payment, and receipt of taxes owed to the state, as well as some other fees. [1] As of 2017, the department administered more than 30 taxes totaling almost $21 billion per year. [2]
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 ...
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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SmartAsset has a retirement tax-friendliness tool designed to help you identify the states that are most and least tax-friendly for retirees. Keep an emergency fund on hand in case you run into ...