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Pennsylvania is one of the 41 states that do not tax Social Security benefits. In fact, it doesn't tax any kind of retirement income -- not pension income, not withdrawals from 401(k) and IRA ...
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.
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.
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 ...
All 27 states below, plus the District of Columbia, currently treat IRA and 401(k) withdrawals as regular taxable income even if you've already reached your full retirement age and are officially ...
States That Don’t Tax 401(k) ... but your employer may also add contributions. You can begin to withdraw funds from your 401(k) as early as age 59 1/2 and are required by the IRS to withdraw ...