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The state does tax retirement income, but allows seniors to exclude $41,110 of their distributions and other income from their AGI. ... and IRA distributions: Taxable. Pennsylvania.
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.
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 ...
Remember, too, that there are different kinds of retirement income, such as from pensions, Social Security, annuities, and retirement account withdrawals -- and the tax hits may be different for ...
The Pennsylvania Department of Revenue (DOR) is an agency of the U.S. state of Pennsylvania. The department is responsible for collecting all Pennsylvania taxes, including all corporate taxes and taxes on inheritance, personal income, sales and use, realty transfer, motor fuel, and all other state taxes. [1]
Gross income includes "all income from whatever source", and is not limited to cash received. It specifically includes wages, salary, bonuses, interest, dividends, rents, royalties, income from operating a business, alimony, pensions and annuities, share of income from partnerships and S corporations, and income tax refunds. [3]