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Most retirement income is subject to state income tax in North Carolina, but residents with a taxable income of $47,150 or less are exempt. If your taxable income is between $47,151 and $238,200 ...
Learn the top 6 states with vibrant retirement communities, along with a reasonable cost of living, sunny weather, advanced healthcare, and low taxation.
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.
State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly. This table includes the per capita tax collected at the state level.
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 ...
Here's a look at which states tax which kinds of retirement income. Two people looking shocked and alarmed. Image source: Getty Images. These 9 states tax Social Security benefits.