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Most retirement income is subject to state income tax in North Carolina, but residents with a taxable income of $47,150 or less are exempt. If your taxable income is between $47,151 and $238,200 ...
South Carolina. Utah. Vermont. Virginia. ... So while you might face some kind of retirement income tax, you may be free of property taxes or sales taxes. Consider your lifestyle -- the value of ...
States with no income tax. Retirement distributions from 401(k) plans or IRAs are considered income for tax purposes. ... South Carolina. South Dakota. Tennessee. Texas. Virginia. Washington.
The state has no direct personal income tax and does not collect a sales tax at the state level, although it allows local governments to collect their own sales taxes ...
Retirement benefits ... South Carolina: $19,388: $13,637: $5,695 ... After a US Supreme Court case held that an income tax on income derived from property was in the ...
Image source: Getty Images. Here's a look at how various states tax retirement income. The nine states that don't tax income. When it comes to the taxation of income, you're in luck if you live in ...
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.
On the other hand, retirees at least 65 years old in Colorado can deduct all of their Social Security benefits from their state income tax, while those 55 to 64 can deduct up to $20,000 in ...