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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 ...
The next-best states to live in as a retiree, at least in regard to income taxes, are the following four, because while they do sport income taxes, they do not tax retirement income: Illinois Iowa
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.
Pension income isn't being considered either, although in most cases, states that impose income tax on retirees' retirement income also tax pension income, at least to some degree.
Withdrawals from traditional retirement accounts, like a 401(k) and an individual retirement account (IRA), are counted in determining whether you'll be taxed on benefits.
You can use Worksheet 1 in IRS Publication 915 to figure out exactly how much you’ll pay in taxes on your Social Security benefits. In general, though, if your provisional income is below ...
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