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That’s still an improvement over the 2020 tax year when residents had to pay state income tax on 65% of their Social Security benefits. Read: 14 Key Signs You Will Run Out of Money in Retirement ...
Since Social Security retirement benefits became available in 1935, they have been a much-needed financial relief for countless Americans. ... In 2020, 13 states taxed Social Security benefits ...
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.
The newest member of this list is Kansas, which signed a law in June that eliminated its state tax on Social Security. States where you may have to pay taxes on Social Security. Unfortunately, 41 ...
Instead of paying 85% on $20,000 ($17,000), Social Security would take the $17,000, add it to any other income you have, and then tax it at your regular tax rate.
An encouraging sign for those who live in one of the 10 states that still tax Social Security benefits is that states have slowly but surely begun eliminating the tax.