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States with no income tax. Retirement distributions from 401(k) plans or IRAs are considered income for tax purposes. Fortunately, there are several places with no state income tax: Alaska ...
Remember, too, that living in a state that doesn't tax any retirement income won't mean no taxes. There's still the federal government, which does tax some Social Security benefits .
That might have changed next year, but voters rejected an initiative to eliminate the taxes. States that tax income but not retirement income. All the other U.S. states still have income taxes ...
Many states have no income tax at all, so all retirement income, as well as other income, is state tax-free. ... Florida No state income tax 3. Illinois Retirement income exempt, including Social ...
Whether it's from a job, 401(k), IRA, pension, or Social Security, retirees in these nine states won't have to worry about paying any state income tax. However, federal tax rules will still apply. ...
So while important, taxes on retirement income should not be your only consideration when thinking about which state to live in. The $ 22,924 Social Security bonus most retirees completely overlook
And if a state maintains generally lower taxes by keeping its spending low, some services a retiree might want or need may be harder to come by. Housing is another significant expense for retirees.
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 ...