What states do not tax Social Security income?

States that don't tax any retirement benefits Alaska. Florida. Nevada. New Hampshire. South Dakota. Tennessee. Texas. Washington. More items... •

fool.com - 39 States That Don't Tax Social Security Benefits | The Motley Fool

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Take-home pay. Everyone who's worked for a living knows that this is the amount that matters the most. And it still matters even when you're retired. Retirees who receive Social Security benefits can have their take-home pay reduced by income taxes just like when they were working full-time. However, you can get at least a partial reprieve depending on where you live.

States that don't tax Social Security benefits

Currently, Social Security benefits aren't taxable in 38 states. One more will be added to the list in 2023, though. In the past, Colorado allowed $24,000 of Social Security income to be deducted from state taxes. Starting next year, no Social Security benefits will be taxed in the Rocky Mountain state. Here's the full list of the 39 states where Social Security benefits won't be taxed in the new year:

Alabama

Alaska

Arizona

Arkansas

California

Colorado

Delaware

Florida

Georgia

Hawaii

Idaho

Illinois

Indiana

Iowa

Kentucky

Louisiana

Maine

Maryland

Massachusetts

Michigan

Mississippi

Nevada

New Hampshire

New Jersey

New York

North Carolina

North Dakota

Ohio

Oklahoma

Oregon

Pennsylvania

South Carolina

South Dakota

Tennessee

Texas

Virginia

Washington

Wisconsin

Wyoming

There's also one other place in the U.S. you can live where your Social Security benefits won't be taxed. It's not a state at this point, but the District of Columbia exempts Social Security benefits from any income taxes.

States that do tax Social Security benefits

So which states do tax Social Security benefits? There are currently 12 states where you could lose some of your benefits to taxes. As mentioned previously, though, Colorado won't be on the list beginning in 2023. Here are the 11 remaining states where you could have to pay taxes on your Social Security benefits:

Connecticut

Kansas

Minnesota

Missouri

Montana

Nebraska

New Mexico

Rhode Island

Utah

Vermont

West Virginia

Even in these states, though, it's possible that you won't have to pay state taxes on all of your Social Security benefits. Most of them only tax benefits above a specified income level.

States that don't tax any retirement benefits

Some states not only don't tax Social Security benefits, they don't tax any retirement benefits. Nine states don't have an income tax:

Alaska

Florida

Nevada

New Hampshire

South Dakota

Tennessee

Texas

Washington

Wyoming

In addition, three states have income taxes but exempt retirement income -- including Social Security as well as distributions from IRAs, 401(k) plans, and pension plans:

Illinois

Mississippi

Pennsylvania

Don't forget other taxes, though

Regardless of where you live, your Social Security benefits could be subject to federal taxes. If you file an individual federal tax return and your combined income tops $25,000, you'll have to pay federal taxes on up to 85% of your Social Security benefits. The same is true if you file a joint return and your combined income is more than $32,000. Combined income, by the way, includes half of your Social Security benefits, your adjusted gross income, and any tax-exempt interest income. It's also important to remember that you could have to fork over money to states even if they don't tax your Social Security benefits. For example, some states have high property taxes. Still, where you live definitely matters in how much take-home pay you will receive with Social Security.

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englishclub.com - Rules are made to be broken | Vocabulary - EnglishClub

Rules are made to be broken

This page is about the saying "Rules are made to be broken"

Possible meaning:

This saying implies that there are times when we should think for ourselves and not obey every rule blindly. Quick Quiz The saying "Rules are made to be broken" invites us to a. use our intelligence in following rules

b. rely on the intelligence of those who made the rules

c. break all rules a a) use our intelligence in following rules b) rely on the intelligence of those who made the rules c) break all rules

See Saying of the Day today

Contributor: Josef Essberger

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