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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.
Michigan. Michigan’s flat state income tax rate rose for 2024 to 4.25%, and the law surrounding the state’s pension deduction also changed, as part of a phaseout of the state’s three-tier ...
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. New Hampshire. South Dakota. Tennessee ...
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
The Department of Liquor Control is a South Dakota state government agency which is responsible for licensing certain operations and for collecting certain state taxes. These taxes include cigarette excise, estate, bank franchise, ore, energy mineral severance, coin-operated laundromat license fees, beer, wine and distilled spirits, gaming excise, beer and liquor license fees, and alcohol ...
529 plans are named after section 529 of the Internal Revenue Code—26 U.S.C. § 529.While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of ...
These states don’t tax your income, though you could end up paying taxes on stocks and other investments, depending on the state: Alaska. Florida. Nevada. New Hampshire. South Dakota. Tennessee ...
U.S. Senator George McGovern from South Dakota sponsored a bill proposed by the National Welfare Rights Organization to enact a $6,500 guaranteed minimum income, [136] and in his 1972 presidential campaign, proposed replacing the personal income tax exemption with a $1,000 tax credit as a minimum-income floor for every citizen. [137]