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Here's a look at how various states tax retirement income. The nine states that don't tax income. ... Washington state does feature a state capital gains tax, but only for high earners. And New ...
While the majority of states do tax retirement income, 13 do not, although naturally, things aren't so black and white. Let's dive in. ... Washington doesn't tax any income but still has a total ...
The following four states don't tax any retirement income: Illinois. Iowa. Mississippi. Pennsylvania. Retirement income is considered income received from a 401(k), IRA, or pension, and the ...
New Mexico taxes retirement income using state income tax rates, which range from 1.7% to 5.9% in 2024. Residents ages 65 and older can claim an $8,000 exemption to offset their tax burdens ...
Illinois charges a flat state income tax of 4.95 percent, but all retirement income is exempt from paying the tax. This includes pension payments as well as distributions from retirement plans ...
States that tax income but not retirement income. All the other U.S. states still have income taxes. However, four of them don't tax retirement income, including money received from Social ...
Retiring in certain states could mean putting thousands of dollars back in your pocket.
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 ...