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Here are 13 states that won't tax your Social Security, 401(k), individual retirement account (IRA), or pension income. A map of the U.S. overlaid with $100 bills. Image source: Getty Images.
Alabama. Won’t tax Social Security income. Won’t tax pension income. Won’t tax pension, but will tax 401(k)s and IRAs. Doesn’t tax military retirement income
However, there are some things to be aware of in two of these states. Mississippi and Pennsylvania will tax early distributions from retirement accounts. States where some retirement income isn't ...
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 nine states that don't tax income. When it comes to the taxation of income, you're in luck if you live in one of the following states, because they don't tax income: Alaska. Florida. Nevada ...
Note: New Hampshire levies taxes on income from interest and dividends, but the state government has repealed that tax, which will go into effect Dec. 31, 2024.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 ...
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 ...
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. Let's dive in. Nine states don't have taxes