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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
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.
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.
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]
Moving to a tax-friendly state can save you money in retirement. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ...
20. Texas. State sales and average local tax: 8.19% State tax on Social Security: None Effective property tax: 1.69% Income tax rate (65+): 0% Seven of the cheapest cities to retire are in Texas ...
Tim Walz, Minnesota governor and Democratic vice presidential nominee, recently told the Wall Street Journal that he withdrew about $135,000 from a workplace retirement account last year to pay ...
Iowa state income tax rates range from 4.4 percent to 5.7 percent in 2024, but the range will be narrowed each following year until a flat rate of 3.9 percent is implemented in 2026. Mississippi