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While the majority of states do tax retirement income, 13 do not, although naturally, things aren't so black and white. Let's dive in. Nine states don't have taxes. These 9 states don't levy a tax ...
The four states that don't tax retirement income. The next-best states to live in as a retiree, at least in regard to income taxes, are the following four, because while they do sport income taxes ...
While West Virginia will eventually phase out its state income tax on Social Security benefits in three years thanks to a newly passed law, for the time being individuals who make less than ...
Note: New Hampshire levies taxes on income from interest and dividends, but the state government has repealed that tax, which will go into effect Dec. 31, 2024. These four states make exceptions ...
States with no income tax. Retirement distributions from 401(k) plans or IRAs are considered income for tax purposes. Fortunately, there are several places with no state income tax:
In addition to the nine states that simply don't impose any income tax on anyone, four more states don't tax retirement income from 401(k) accounts, IRAs, and pensions, even though they do still ...
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.
The following four states don't tax any retirement income: Illinois. Iowa. Mississippi. Pennsylvania. Retirement income is considered income received from a 401(k), IRA, or pension, and the ...